Author Archive | Janine Geldenhuys

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Online scams to watch out for in SA

In light of ASISA’s recently published consolidated statistics of fraudulent and dishonest claims, Herman Lombard, Founder and Executive Director of financial services provider African Unity, also emphasised this phenomenon in a recent media release. However, he stresses that economic fraud doesn’t just stop there. The internet and social media have provided a whole new world […]

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Recap – Joint Ombudsman for Insurance Industry

Towards the end of last year we briefly reported that from 1 January 2020, retired Judge Ron McLaren will be the single watchdog for both the short-term (non-life) and long-term (life) insurance industries. In a recent article by the office of the Ombudsman for Short-Term Insurance (OSTI), Judge McLaren explains that there will now be a single […]

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Debt-collecting law firms hit by NCA ruling

Towards the end of 2019, a ruling by the Western Cape High Court made headlines in various media. The ruling found in favour of the Stellenbosch University Law Clinic, Summit Financial Partners and 10 of their clients in relation to garnishee deductions, and has been hailed a victory for the poor. Moneyweb reported that judgment […]

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FIC calls for comments – Two new draft PCCs published

1. Draft PCC 102 on Compliance Communication – access for certain supervisory bodies to suspicious and unusual transaction reports The Financial Intelligence Centre (FIC) is calling for comments from supervisory bodies, accountable and reporting institutions on the draft Public Compliance Communication 102 (draft PCC 102). The draft PCC 102 sets out the provisions of the FIC […]

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Material misrepresentation leads to rejected claim

In a recent Short-term insurance case study, the Ombudsman for Short Term Insurance (OSTI) emphasised that short-term insurance contracts are entered into in good faith. “Under common law, a policyholder when requesting cover must make full disclosure of all matters material to the insurer’s assessment of the risk. This principle is founded on the insurer’s […]

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Facing the facts around retrenchment

In a recent media release, Carrie Furman, assistant tax manager at Allan Gray quotes author Bill Knaus’s steps in taking action in dealing with change, specifically with the possibility of retrenchment that might face many South Africans this year. According to Knaus awareness is one of two major parts of this change process. Purposeful action […]

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ASISA publishes claims statistics – Spike in fake death claims, decrease in non-disclosures

According to the 2018 consolidated statistics of fraudulent and dishonest claims, published by the Association for Savings and Investment South Africa (ASISA), fraudulent and dishonest insurance claims decreased, but still remain a serious problem. Life insurers specifically reported a huge spike in fraudulent death claims. In 2018, South African life insurers detected a total of […]

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CPD – Are you mapping your progress?

As you wrap up the year before the New Year rings in, it is a good time to check your CPD hour status as well. With less than 170 days remaining, how are your hours adding up? What will happen if you do not meet the CPD hour requirement by the end of the CPD cycle? […]

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