industry news
Gender equality status in the financial services industry
In spite of South Africa’s progressive Constitutional and legislative framework, gender equality in South Africa remains elusive. The most extreme manifestation of this inequality is evidenced in the high levels of gender-based violence within South Africa. In the financial services industry, there are two aspects to gender equality. The first aspect entails addressing representation within […]
best practice
Microinsurers – Proposed exemption for Credit Life
The FSCA has published the draft exemption for Microinsurers offering Credit Life from Rule 2A.10.1 of the Policyholder Protection Rules which states “A microinsurance policy or a funeral policy may not prescribe that a policy benefit payable as a sum of money is payable directly to a service provider.” FSCA Communication 6 of 2019 notes that […]
technologically speaking
6 Steps to write good Facebook posts for your adviser busine …
In June 2019 there were an estimated 17,1 million Facebook users in South Africa, which accounts for 29.3% of the entire population. Although it is much less compared to the global figures, the growth in South African social media users has been remarkable. Besides sharing photos and to stay in touch with friends and family, […]
compliance and legislation
National Health Insurance Bill – Controversy or agreement?
On Thursday, Health Minister Zweli Mkhize released the much-awaited National Health Insurance (NHI) bill in Pretoria. He said that it is expected to be fully functional in South Africa by 2026. The Health Department said the bill promised to create a healthier population with benefits to foreign nationals, inmates and refugees. In his speech he […]
Spousal consent under National Credit Act – Case study hig …
“The bank can be held liable in instances where it is clear that no spousal consent was obtained, but not to such an extent that a complainant is unjustifiably enriched at the expense of the bank”. This was the outcome of an Ombudsman for Banking Services case earlier this year. There are very important considerations […]
Continuous Professional Development – Proper planning prev …
The Fit and Proper Determination requires that certain individuals obtain a specified number of Continuous Professional Development (CPD) hours within a 12-month cycle between 1 June and 31 May. One of the most important aspects of CPD is planning. It’s about not waiting until the last minute before you start accumulating mandatory CPD hours. Did you know […]
Complaint insights – View it as feedback from your custome …
We are all aware that the FAIS Ombud is responsible for promoting consumer protection and fostering the integrity of the financial services industry by resolving complaints in a manner that is impartial, expeditious, economical, accessible and, at all times, equitable. Naresh Tulsie, FAIS Ombud, recently mentioned that the FAIS Ombud’s office has two goals. “The […]
Women and Money – Finances not seen as a man’s probl …
South African women are struggling to make ends meet, with 81% of them running out of money before the end of the month (vs. 72% of males). This despite the fact that women are also more likely to draw up and stick to a budget, especially if in the age bracket 25 – 45 years […]