industry news
SA’s Short-Term insurance industry – Rise in niche risk …
Before the COVID-19 pandemic, the South African Short-Term Insurance market was on a strong growth trajectory, increasing by a solid 4.3% in insurance premium volumes, between 2018 and 2019. However, similar to the global market situation, the local market has been negatively impacted by the COVID-19 pandemic and subsequent lockdown measures, with a growing number […]
best practice
Cheque your mate – Acceptance of cheques to be stopped
In a recent joint statement released by the South African Reserve Bank, Financial Sector Conduct Authority, Payments Association of South Africa and the Banking Association South Africa, all stakeholders are requested not to write/draw or accept cheques from 1 January 2021, as the issuing and the acceptance/collection of cheques will cease, effective from 31 December 2020. According to the […]
technologically speaking
Fraud awareness – Don’t be a victim of sim swop
COVID-19 has impacted our everyday lives, from how we socialise, how we shop and even how we bank. According to health recommendations, one of the most effective ways to contain the current COVID-19 epidemic is to avoid personal contact. As a result, most banks globally have reduced their branch opening hours and recommended their customers […]
compliance and legislation
Crypto Assets – Draft declaration to define it as financia …
On Friday, the Financial Sector Conduct Authority (FSCA) published a draft declaration of crypto assets as financial products. “Globally there is rapid growing interest by retail investors to purchase crypto assets. South Africa has also experienced an exponential increase in the provision and use of crypto assets,” the FSCA acknowledged. According to the FSCA, the […]
Santam to appeal BIC judgment – Proposes joint appeal with …
Following the Cape High Court finding that Santam was liable to pay qualifying policyholders under the Business Interruption clause related to contagious diseases, the biggest insurer indicated on Friday that it would appeal against this decision. This despite a full bench of the court not only ruling against it, but also awarding costs against the […]
Exchange control relief – Re-classification of exchange tr …
One of the stories that trended in the media the past week was changes to exchange control regulations, with the 30% foreign investment cap effectively lifted in certain conditions and foreign exchange-traded funds’ (ETFs) domestic assets reclassified. In a communication to stakeholders on 13 November 2020, the FSCA noted that the inward listing of all […]
Vehicle insurance – Five ways to reduce premiums
2020 has been a tough year and many people are looking for ways to decrease their expenses. Many have considered it, and some have already cancelled their car insurance to ease the financial burden. Canceling car insurance altogether, could be a costly mistake that could expose individuals to serious financial and legal consequences. “Having insurance […]
Add-on insurance policies review – Extension for submissio …
As a result of increasing concerns that consumers are potentially experiencing poor outcomes emanating from the sale of add-on insurance policies at point of sale through motor dealerships or as part of vehicle financing arrangements, the FSCA initiated a project focusing on the sale of these policies. This led to a request from the FSCA […]