The Risk Barometer is an annual survey on global business risks from Allianz Global Corporate & Specialty (AGCS). The 2020 edition incorporates the views of a record 2,718 respondents in over 100 countries. For the first time ever, cyber incidents (39% of responses) ranks as the most important business risk globally in the ninth Allianz […]
The FSCA recently published various RDR (Retail Distribution Review) discussion documents for comment. One of the documents provides specific updates and requests input on several aspects of the adviser categorisation model. Purpose of categorisation and proposed model In the initial RDR paper the FSCA explained the purpose as: The financial services customer should be in […]
The power of social media once again came into play when a claim dispute was resolved after the insurer initially turned down a claim. According to media reports, DA MP Cameron Mackenzie was shot and wounded during an attempted robbery in Midrand last week Wednesday. News24 reported that the injuries left his car covered in […]
For minor damages, motorists can now report a crash online via the National Traffic Information System (NATIS) website in order to obtain a case number. However, there are a few stipulations, with only minor crashes that can be reported and it must be done within 24 hours or on the first working day. Uploading a […]
Various annual reports and research have recently highlighted cyber-attacks as the number one global risk for companies. A media release by Mimecast towards the end of 2019 indicated that four major cyber-attack campaigns were detected in South Africa between July and September. The systems of several financial services companies suffered the brunt of the impact […]
The annual webinar, aimed specifically at Financial Services Providers NOT required to appoint a compliance officer, will be hosted on Thursday, 13 February 2020. The session will once again provide insight into frequently asked questions and the practicalities surrounding FAIS and FICA obligations. The registration for the webinar will open next week. Cost to attend […]
1. Draft Public Compliance Communication 102 on Supervisory Body Access to STR and STR information The draft PCC 102 sets out the provisions of the FIC Act that allows for certain supervisory bodies, which includes the FSCA and the SARB, to have access to suspicious and unusual transaction reports (STR) as submitted by reporting entities […]
The new application guideline and form to apply for a licence to conduct insurance business in South Africa has just been published. Purpose of Licensing 1. The PA carries out its functions in relation to insurers, by: ● promoting the maintenance of a sound and efficient insurance sector; ● promoting public confidence in the insurance […]
Regardless of what individuals are saving for, one of the most important factors for any investment is the investment’s time frame. In a recent Moneyweb article, Patrick Cairns poses the question “Which funds stand out over the long term?” “Of the 418 funds available to retail investors with track records of longer than a decade, […]
The abhorrent practise of submitting a single premium investment as a recurring premium policy to earn a substantially higher commission is nothing new. If you then, in addition, destroy documentary evidence in the hope that you will not be found out, you should expect dire consequences. An even worst-case scenario: if you repeat such a […]
