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Author Archive | Mark Bechard

SA doesn’t need more than 50 retirement funds, says Sanlam’s Gluckman

SA doesn’t need more than 50 retirement funds, says Sanlam’s Gluckman

David Gluckman, the chairperson of the Sanlam Umbrella Fund, the third-largest umbrella fund in South Africa, has backed calls by National Treasury and Finance Minister Enoch Godongwana for greater consolidation in the retirement-funding industry. Gluckman, who is also the head of special projects at Sanlam Corporate, told the Sanlam Umbrella Fund Symposium last week that […]

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Sanlam pushes assets managed by black-owned firms to R1.15 trillion

Sanlam pushes assets managed by black-owned firms to R1.15 trillion

The inclusion of Sanlam Investments swelled the assets under management (AUM) of black-owned management companies to R1.15 trillion in June, from R667.8 billion in June last year. This is according to 27four Investment Managers’ latest annual BEE.conomics 2021 Transformation in South African Asset Management survey. The survey estimated South Africa’s total savings pool at R8.4tn. […]

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Cybercriminals breach data records of 1.4 million consumers

Cybercriminals breach data records of 1.4 million consumers

In South Africa’s latest major data breach, it has emerged that cybercriminals accessed the personal records of more than 1.4 million consumers and employees in a ransomware attack on the servers of Debt-IN Consultants. African Bank has confirmed that the information of a number of customers in debt review has been compromised in the attack. […]

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Consumer optimism wanes as pandemic continues to weigh on incomes

Consumer optimism wanes as pandemic continues to weigh on incomes

Twenty-six percent of South Africans expect they will invest more or increase their retirement fund contributions over the next three months, while the same percentage say they will invest and contribute less, if the results of TransUnion’s third-quarter Consumer Pulse Study are anything to go by. The online survey, conducted in English, of 1 100 […]

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Power of attorney

A power of attorney invalidates a binder agreement

Insurance intermediaries should think twice before asking their clients to sign a power of attorney (POA), because doing so precludes them from entering into a binder agreement or invalidates an existing agreement. In terms of regulation 6(2)(1) issued under the Short-term Insurance Act, an insurer may only have a binder agreement with a non-mandated intermediary […]

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Vaccination works, Momentum’s death claims data shows

Vaccination works, Momentum’s death claims data shows

Unvaccinated people are significantly more at risk of severe illness and death than those who are fully vaccinated against Covid-19, death claims data from Momentum Life Insurance has shown. Stephen van Niekerk, head of Momentum Life Insurance, said its analysis of Momentum’s Covid-19 death claims over two months before September found that less than two […]

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RE_Fraud-alert

Scammers selling fake FSCA regulatory exam certificates on social media

Scammers operating on social media are defrauding people by claiming they can issue certificates for the FSCA’s regulatory exams. At least two of these scammers claim to work at Moonstone’s Sandton’s exam venue. Since early last year, Moonstone has been documenting complaints – along with supporting screen shots and emails – from students who have […]

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Kganyago pushes for inflation target

Kganyago pushes for inflation target of 3%

The SA Reserve Bank should set an inflation target of 3% or 4%, and the failure to lower the target band to 2–4% – as intended – was “a major policy mistake”, says SARB governor Lesetja Kganyago. Before he left office, then Finance Minister Tito Mboweni instructed National Treasury, as part of its broader review […]

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Prudential_M&G

Why Prudential is rebranding as M&G Investments

London-headquartered M&G plc has once again become the majority shareholder in Prudential Investment Managers. As part of Prudential’s reversion to being a subsidiary of M&G, it will be rebranded as M&G Investments before the end of this year. M&G has increased its shareholding in Prudential from 49.99% to 50.12%. In a parallel cash-funded transaction, the […]

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Asisa_Life_Insurance

Big jump in risk policy purchases while lapses fall

More South Africans are realising the value of life cover, with purchases of risk policies up significantly in the first six months of this year, while there has been a marked reduction in lapses. However, there has been a decline in individual recurring-premium savings policies. This is according to the Association for Savings and Investment […]

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