New regulations which cover default investment portfolios, default preservation and annuity strategies were recently introduced. In an Asset TV Masterclass, a panel of experts discuss annuity solutions, retirement benefit counselling and regulation 39. On the panel are: ● Vickie Lange, Head of Best Practice, Alexander Forbes Financial Services ● Katherine Barker, Head Funds at Work, […]
Trustees grappling with post-retirement risks According to a recent Moneyweb article, very few retirement funds have implemented default strategies ahead of the March 1, 2019 deadline. According to Barend le Grange, head of individual member support at Sanlam, a lot of funds are leaving the implementation of the default strategies quite late. Viresh Maharaj, chief executive for […]
A closer look at the background to non-disclosures The “Momentum debacle”, as it became known in the media, has certainly drawn a lot of public and media comment and interest. Many a commentator used it as a convenient whip to lash the insurance industry. The more balanced reports pointed out that the decision to refute […]
LegalBrief recently shared a Techspot article that reported that while most of the jobs that get displaced by computers require little or no education, even highly-educated positions could be replaced by automation: “A recent study by LawGeex pitted its machine-learning AI (Artificial Intelligence) against 20 human lawyers to see how it would fare analysing contract […]
With the annual festive season around the corner and the formalities of year end functions and holiday travel that’s about to start it’s a good time to chat about precautionary measures with our clients. According to a Personal Finance article the average driver in South Africa has a 15 to 20 percent chance of being […]
A recent study showed unique insights into how incentives drive sustained behaviour change. According to the results of a ground-breaking new health behaviour study by RAND Europe, a leading independent research institute, financial incentives in Vitality’s Shared-Value Insurance model combined with Apple Watch led to a sustained 34% increase in people’s physical activity levels. The […]
“Critics will do anything to stop NHI Bill, says Health Ministry” “Call to stop ‘substantively amended’ NHI Bill” “Party to seek legal advice on NHI rush job” These headlines are just a few in the midst of the announcement that the National Health Insurance (NHI) Bill will be tabled in parliament next week. The bill, […]
The Financial Sector Conduct Authority (FSCA) has released a draft conduct standard proposing new maximum drawdown rates determined by age band and gender for default annuities or monthly pensions offered by funds. The draft Conduct Standard is open for public comment until 14 January 2019. The recent documents for consultation contained: 1. The Draft Conduct Standard on […]
The South African National Treasury announced on Friday that it has made “substantial” progress on the national health insurance (NHI) Bill consultation in key areas and have reached agreement on most of the major issues. This statement was made in response to a so called “leaked letter” and its annexure that specified a number of […]
FAIS Ombud Settlement – Always obtain and capture all the client information One of the settlements discussed in the latest FAIS Ombud Annual report also puts the emphasis on the disclosure of client information. Disclosure of medical conditions Mr O purchased a credit protection policy subsequent to having bought a vehicle. The main purpose of […]
