Secondary

risk

Group disability benefits: ‘adapt or die’

Without a new approach to managing risk, group income disability benefits are headed for extinction and, in the retail market, only the rich will be able to afford these benefits, says Reinier van Gijsen, the head of pricing at Sanlam Corporate. In this year’s Sanlam Benchmark Survey, Van Gijsen said the industry is reaching a […]

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nest-egg

Retirement benefit counselling has an impact on how much members take as cash

Proper counselling when employees change jobs or reach retirement makes a significant difference to the portion of their savings employees take as cash, but few employees are receiving this kind of advice, according to the 2022 Sanlam Benchmark Survey. Data from Sanlam’s Individual Member Support division shows that the portion taken in cash at withdrawal […]

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retirement

FSCA wants information on paid-up retirement benefits

The FSCA has told retirement funds and fund administrators to submit information about their paid-up members, setting a deadline of 31 October for information relating to new paid-up members. In March, the FSCA published Information Request 2 of 2022 (RF), notifying funds that they must provide it with data on unclaimed or paid-up benefits every […]

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checklist-document

Fica verification: can accountable institutions ask for too much information?

The recent Supreme Court of Appeal (SCA) case of Nedbank Limited v Houtbosplaas (Pty) Ltd and Another raises interesting considerations for accountable institutions aiming to comply with their obligations under the Financial Intelligence Centre Act (Fica). We discuss the case in detail below, asking: Is there a danger in an accountable institution asking for more […]

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phone-busy

FSPs can’t simply debar representatives for any act of internal misconduct

The Financial Services Tribunal (FST) has drawn on the principles governing the fit and proper requirements for legal practitioners in setting aside the debarment of a bank’s representative on the grounds of dishonesty. The tribunal also found fault with the procedure followed by First National Bank (FNB) in that it did not address the representative’s […]

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online-learning

Only days left to apply for MBSE’s second semester

Applications to enrol for one of Moonstone Business School of Excellence’s accredited qualifications close on Monday, 27 June. If you want to kick-start a career in the financial services sector, or if you’re already in the industry, broaden your prospects, then you need a recognised and relevant qualification. MBSE has a proven track record of […]

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true-or-false

Debarment reconsiderations following a pattern: Which client affidavit is true?

The Financial Services Tribunal (FST) has set aside and remitted the debarment of a Sanlam representative in a case that followed a pattern similar to many debarment reconsideration applications: a client produces an affidavit stating that he or she did not apply for a product but recants the allegations in a second affidavit. The tribunal […]

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