How advisers can prevent ‘fight or flight’ from destroying returns
Morningstar’s Investment Outlook for 2026 highlights trends in the US and domestic equity markets that it believes advisers and investors should watch.
Author: Mark Bechard
FAIS Ombud lauds large FSPs for settling more disputes directly with consumers
New enquiries soared in 2024/25, signalling higher public awareness; yet the number of cases opened fell as many matters were settled without the Ombud’s involvement.
Exiting the grey list won’t relax oversight – regulators pledge continued enforcement
The authorities say that supervision, prosecutions, and measurable outcomes must continue to avoid re-listing as the next mutual evaluation starts in 2026.
New Rules for Adjudicator emphasise efficiency, consistency, and COFI readiness
The draft Rules for the Office of the Pension Funds Adjudicator formalise existing procedures and align the OPFA with COFI and the cross-scheme framework.
Associate arrangement justified PSG’s deviation from its debarment policy
The Tribunal says that even informal communications qualify as regulated advice if they involve financial recommendations.
Treasury favours conditional access to retirement pot for retrenched workers
It is also open to discussions on letting members transfer all their vested savings into their retirement and savings components.
High Court dismisses bid to halt race and gender targets
Designated employers must begin aligning their workplace demographics with the Employment Equity Act’s numerical targets from 1 September.
‘Clean data is the golden thread’ behind effective retirement supervision
The FSCA’s Zareena Camroodien provides a comprehensive overview of regulatory developments and strategic goals affecting the retirement sector.
SCA: Retirement fund agreement for municipal staff is illegal
The majority finds the accreditation mechanism effectively coerced funds to amend their rules or risk losing employer contributions – undermining trustees’ fiduciary duties under the PFA.
Trustees now have ‘clear guidance’ on dependency and benefit allocations
Dependency is assessed at the member’s date of death, and trustees must conduct active investigations and apply a principled equitable allocation process.
Tribunal sets aside debarment of rep who failed a polygraph test
Polygraph testing alone cannot establish dishonest conduct; where the circumstantial evidence is weak or contradictory, debarment is a disproportionate sanction.
Apex court clarifies timing of dependency test for death benefit payouts
The Constitutional Court rules that whether someone qualifies as a dependant must be determined as at the date of a retirement fund member’s death, not when the fund decides how to distribute the benefit.
Funds must fully verify dependency before allocating a death benefit
The Constitutional Court finds that a fund relied on unverified, one-sided information and failed to establish the extent of factual dependency.
Tribunal dismisses N-e-FG executives’ ‘restorative justice offer’
In exchange for their admissions, they sought to substitute their debarments with an undertaking to repay R470m in client losses.
Advisers ‘could charge more’ for the value they deliver
International comparisons suggest there’s scope for local advisers to lift fees above 0.5% of AUM, says Mark Polson of UK consultancy The Lang Cat.
New Sygnia fund offers crypto exposure in a life insurance structure
The Life Bitcoin Plus Fund uses a ‘portable alpha’ strategy to generate returns beyond the performance of the iShares Bitcoin Trust ETF.
Close corporation liability: participation in gross abuse, not mere membership, is key
The Supreme Court of Appeal confirms that a member’s ownership stake alone does not trigger personal liability for a close corporation’s debts.
