Prudential Authority sanctions three banks for FICA breaches
HBZ was fined an effective R7.5m, Citibank’s fine was fully suspended, and Bank of Taiwan was reprimanded.
Author: Moonstone Information Refinery
Crime, fire, and weather remain key drivers of commercial claims
Theft under property covers remains the leading driver of crime-related claims, even as overall crime claims dipped in 2024, Santam reports.
Brokers look to digital tools to reclaim time for client engagement
Two-thirds of brokers say they want plain-language breakdowns of extensions and exclusions, according to the 2025 Santam Insurance Barometer.
Wake-up call for RAF as SCOPA prepares for full-scale inquiry
A whistleblower-backed memorandum discloses how a legitimate RAF lease was allegedly overturned to favour Mowana Properties.
Insurance Barometer identifies top risk concerns and claims trends
The weak economy, deteriorating infrastructure, and volatile weather are creating a tough environment for insurers and businesses.
Non-life insurance ombud sees 11% drop in complaints in 2024
Most complaints to the NFO went to the Non-life Division, whose interventions yielded R107m in quantifiable benefits for policyholders.
Letsoalo fights to keep RAF job as court weighs suspension battle
The suspended RAF CEO claims the board misled Parliament and the Minister of Transport as he seeks to overturn his suspension and block the search for his replacement.
Fraud floods complaints as banking ombud speeds up resolutions
Mobile banking fraud, phishing, and vishing drove 30% of all complaints, highlighting fraud as the leading issue in the Banking Division’s first year under the NFO.
When banks get it wrong: ombud cases reveal costly mistakes
Only 21% of formal complaints to the Banking Division were resolved in favour of consumers.
NFO’s Life Division recovers over R202m for consumers in 2024
Complaints about life-benefit payouts climbed to 36% of the Division’s cases, from 34% in 2023.
Appeal Tribunal clarifies life insurer’s duty in beneficiary nomination
The ruling highlights the need for the timely communication of beneficiary changes in life insurance policies.
COFI countdown: FSPs urged to prepare with the precision of a World Cup coach
Compliance expert Anton Swanepoel says financial services providers must adopt a winning mindset, strategy, and tech-driven approach.
Nessfin’s licence pulled amid fallout from MyWealth-linked entities
The FSCA has provisionally withdrawn Nessfin’s licence amid concerns over its ties to unauthorised entity MyWealth Legatus and potential breaches of financial sector laws.
FSCA probes CoCre8 entities amid liquidation and fraud allegations
The High Court has authorised a commission of inquiry into the affairs of CoCre8 Gold.
Legacy network shutdown puts insurance cover at risk
As 2G and 3G networks are retired by end-2027, thousands of vehicle trackers and alarm systems could go dark – potentially invalidating policy terms.
More FAIS Ombud determinations against funeral provider
Luvuyo Burial and Consulting did not pay the claims in full even after the Ombud’s Office intervened.
Non-life ombud rules that insured can keep written-off vehicle
The NFO decided that Dotsure must indemnify the insured and waive the transfer-and-repurchase requirement, overturning strict adherence to the SAIA Code.
