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Author Archive | Mark Bechard

Forgive and forget – so ‘no need’ to disclose debarment

Forgive and forget – so ‘no need’ to disclose debarment

The owner of a brokerage asked the Financial Services Tribunal to award him R2 million in damages because the FSCA refused to grant his firm an FSP licence. The regulator rejected the firm’s licence application because its sole key individual, director and shareholder did not comply with the fit and proper requirements. The tribunal also […]

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Cybercrimes Act takes effect – sending threatening messages can land you in prison

Cybercrimes Act takes effect – sending threatening messages can land you in prison

Certain sections of the Cybercrimes Act came into effect on Wednesday, which means it is now a criminal offence to, among other things, send messages on social media that threaten to harm someone or damage their property. However, the provision that obliges electronic communications service providers and financial institutions (as defined by the Financial Sector […]

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NEW IMAGE - What constitutes an access-controlled premises

What constitutes “access-controlled” premises?

What does “access control” mean for the purposes of an insurance policy? The answer to this question was at the heart of a complaint that came before the Ombudsman for Short-term Insurance (Osti). The Osti overturned an insurer’s decision to reject a claim for a vehicle stolen from a business park, the latest “Ombudsman’s Briefcase” […]

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Compulsory vaccination is coming

Compulsory vaccination increasingly likely

Making vaccination compulsory to enter workplaces and certain public spaces seems a certainty if the statements from the government, business and labour this week are anything to go by. In a televised address to the nation on 28 November, President Cyril Ramaphosa said the government has been engaging with social partners and other stakeholders on […]

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‘Cyber risk is an opportunity for brokers to showcase their value’

‘Cyber risk is an opportunity for brokers to showcase their value’

The systemic nature of cyber risk provides intermediaries with an unprecedented opportunity to show-case their value to clients, Andrew Coutts, Santam’s head of Intermediated Distribution, told the recent InsureTalk18 online conference. It is difficult to insure and re-insure against something that happens everywhere at the same time, such as a pandemic, climate change, political instability […]

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Life insurance image

Life insurers pay 99.3% of all claims against fully underwritten policies

South African life insurers paid 99.3% of all claims against fully underwritten individual life policies in 2020 to a value of R20.6 billion. The 2020 death claims statistics for fully underwritten individual life policies, released this week by the Association for Savings and Investment South Africa (Asisa), show that life insurers received 32 072 claims, […]

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Three ways to think about money, risk and investing

Three ways to think about money, risk and investing

Behavioural finance expert Morgan Housel, partner at Collaborative Fund and an award-winning author, was a speaker at the Allan Gray Investment Summit and the CFA Investment Conference this year. Housel, in almost identical presentations at both events, spoke about how we can think about money, risk and investing in more productive ways. Here are the […]

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NEW IMAGE - Tribunal upholds JSE directive that Trustco must restate its financial results

Tribunal upholds JSE directive that Trustco must restate its financial results

The Financial Services Tribunal has upheld the JSE’s directive that Namibia-based Trustco must restate its financial statements for the year to 31 March 2019 and its interim results to 30 September 2019, because they did not comply with the International Financial Reporting Standards (IFRS). The accounting “errors” pushed up Trustco’s profits by N$2.1 billion. The […]

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