The FSCA has given motor dealers and financial institutions operating in the vehicle asset finance (VAF) space until the end of June to complete a questionnaire about dealer introductory commissions (DIC). In a communication issued on 13 May, the Authority said that, following regulatory investigations undertaken in the British and Australian VAF markets, the FSCA […]
Discovery chief executive Adrian Gore has told Business Day that the proposed National Health Insurance (NHI) system is “a moral imperative” for the country that he supports fully, although he said it would require careful implementation to ensure its long-term fiscal sustainability. “A well-functioning NHI is necessary and morally correct, as we need to address […]
10X Investments has agreed to a 100% cash purchase of CoreShares, creating a full-service South African indexing investment specialist with more than R31 billion in assets under management. The deal is subject to regulatory approvals, but no delays are expected, CoreShares said in a SENS announcement last week. The purchase price was not disclosed. 10X […]
Life insurers detected 4 287 fraudulent and dishonest claims worth R787.6 million across all lines of risk business in 2021. This is a 34.5% increase in the number of such claims from 2020, when 3 186 cases of fraudulent and dishonest claims to a value of R587.3m (34.1% increase) were uncovered. The fraudulent and dishonest […]
One of Dis-Chem’s third-party service providers suffered a data breach on April 28, affecting more than 3.68 million of its customers, according to a notice posted on Dis-Chem’s website on Wednesday. It said “there is currently no indication that any personal information has been published or misused as a result of the incident. However, we […]
South Africa is the most dangerous country in which to drive, according to a survey by online driver’s education resource online Zutobi. Zutobi analysed 53 countries on the following five factors: The estimated number of road traffic deaths per 100 000 of the population; The maximum speed limit for cars on motorways (km/h); An estimate […]
The FSCA has imposed penalties of R110 000 on both Viva Cover (Pty) Ltd and Comit Technologies (Pty) Ltd for contravening various provisions of the General Code of Conduct from November 2013 to April 2016. Comit is a juristic representative of Viva Cover and sold financial products via its call centre on behalf of Viva […]
Santam, South Africa’s largest non-life insurer, has taken full control of Indwe Broker Holdings after acquiring the shareholding from African Rainbow Capital Financial Services and Sanlam. Before the transaction, Santam held 24% of Indwe, while ARC Financial Services owned 51% and Sanlam held 25%. The transaction makes Indwe a wholly owned subsidiary of Santam and […]
Headline inflation in South Africa will rise to about 8% this year, breaching the upper end of the South African Reserve Bank’s target band of 3% to 6%, according to a research report by Moody’s Investors Service published last week. Moody’s forecast that the SARB will continue to raise the repurchase rate “gradually” but did […]
The FSCA has decided that compliance officers or FSPs will not have to submit compliance reports this year. This was also the case from 2019 to 2021. This was one of the announcements in FAIS Communication 13 concerning compliance reports, handover reports and irregularity reports. The FSCA said it is in the process of developing […]
