As a result of the impact of COVID-19 on the financial services industry, several relaxations to regulatory and filing deadlines considering the challenges that regulated entities may face in these trying times, were announced. In March this year, the Financial Sector Conduct Authority (FSCA) released FSCA communication 9 of 2020, granting several extensions to fit […]
In the wake of the pandemic lockdown, many short-term policyholders find themselves in a financial predicament and unable to pay their insurance premiums. The latest Short-term Ombudsman (OSTI) Briefcase discusses various options available to assist policyholders, and help you retain business. “To prepare for the discussion with the insurer, the policyholder should first check the […]
The findings of the TransUnion Industry Insights Report, which looks at the South African credit market across three dimensions among credit products, originations, balances and delinquencies, confirm that consumers are having to prioritise their personal finances to cope with the dramatic effects of the pandemic in addition to the fall in GDP and associated rise […]
The importance of policy wording was underlined again in the UK’s comprehensive High Court analysis of 21 samples in coverage extensions for business-interruption COVID-19 related losses recently. At times the hearing sounded more a semantics class than a court case. Policy wording in terms and conditions have in many other cases also been a bone of […]
The COVID-19 pandemic and the subsequent market volatility has spotlighted the need for financial resilience among investors. “To be a successful investor, you need to understand what you are getting yourself into upfront, make sure you are comfortable, and then buckle up for the ride. But there are periods – like the one we are […]
South African taxpayers with different sources of income are often shocked when they discover at the end of the tax year that pay-as-you-earn (PAYE) deductions did not cover their tax liabilities and that they owe money to the South African Revenue Service (SARS). According to Peter Stephan, senior policy adviser at the Association for Savings […]
Technology has become the most important communication tool for us all and has transformed the way in which live our daily lives, including the way in which we find, consume and retain information. The digital economy is a war zone, battling to capture our attention. It is therefore no wonder that technology is also becoming […]
One of our colleagues, Paull Lawrence, pointed out that yesterday was the 16th birthday of the implementation of the FAIS Act. It also marked the publication of the second draft of the COFI Bill, which will eventually replace most of it. Last year, the FSCA noted: “The COFI Bill, as a holistic, comprehensive and consistent […]
The Council for Medical Schemes (CMS) has just published its quarterly report for the period ended 31 March 2020. Tasked with monitoring the financial performance and soundness of medical schemes, the CMS publishes comparative figures on a quarterly basis. Here are some of the key trends: Accumulated funds and solvency levels The overall industry average solvency level […]
October is the month when most medical schemes announce their updated rates for 2021.Will it be in line with the Council for Medical Schemes’ recommendation? In August 2020, the Council for Medical Schemes (CMS) distributed a circular that outlined the key industry specific considerations that the CMS will consider when assessing the appropriateness of benefit […]
