According to the Financial Tribunal rules issued by the chairperson recently “the right to apply to the Tribunal for a reconsideration of a decision by a decision-maker is derived from section 230 of the Act and, if subject to the provisions of other financial sector laws (such as the Financial Advisory and Intermediary Services Act 37 of […]
The National Health Insurance Bill and the Medical Schemes Amendment Bill – A view from the CEO of Discovery Health The Department of Health issued the National Health Insurance (NHI) Bill and the Medical Schemes Amendment (MSA) Bill for public comment in June 2018. Dr Jonathan Broomberg, CEO of Discovery Health recently shared his view on […]
Financial advisers add confidence to consumers financial situation A recent research study conducted by Columinate, on behalf of Liberty, shows that seventy percent of consumers who use a financial adviser are more confident about their financial situation and believe it will improve significantly over the next five years. The research found that 22% of respondents […]
The Association for Savings and Investment South Africa (ASISA) recently released the Collective Investment Schemes (CIS) industry statistics for the quarter and year ended June 2018. The statistics show that the strong net inflows in the second quarter pushed total net inflows for the 12 months to the end of June 2018 to R96 billion. According to ASISA, investors […]
Digital is the new norm for customers. Big tech companies like Google, Amazon, Facebook, and Apple have paved the way and as a result customers are expecting more from their financial service providers as well. FinTech is therefore disrupting the traditional financial services industry as it provides innovative solutions for convenience, accessibility, and tailored products. […]
Although a dread disease claim under a group risk policy was declined as the claim for the same condition was paid by a previous underwriter, the Ombudsman for Long-Term Insurance recently ordered Alexander Forbes to pay a life assured for dread disease after the client had been diagnosed with cancer a second time. About the […]
In terms of section 29 of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (“Determination”), representatives must, prior to rendering any financial services, complete class of business training (CoB) relevant to the financial products for which they are appointed. This requirement came into effect on 1 August 2018. Although the transitional provisions of […]
Exemption of services under supervision – Differences between 2008 Exemption and the Draft Exemption (part 2) The FSCA’s discussion on the substance of the Draft Exemption is structured to highlight the significant differences between the 2008 Exemption and the Draft Exemption rather than to address each and every difference or new requirement. In Monday’s article […]
Old Mutual Savings and Investment Monitor – Low income earners spending more Every year the Old Mutual Savings & Investment Monitor tracks the shifts in the financial attitudes and behaviour of South Africa’s working metropolitan population. This year John Manyike, Head of Financial Education at Old Mutual, pointed out that low earners (households earning less […]
New “top” Medical Aid 2018 – Consulta’s release of South African Customer Satisfaction Index The latest results for the South African Customer Satisfaction Index (the SA-csi) for medical schemes revealed that Medihelp has the most satisfied customers in a competitive, yet underwhelming industry. According to the 2018 results released by Consulta, there has been a […]
