Kamlana urges banks to be fair and transparent when closing customers’ accounts
‘Banks should not simply cite reputational risk; reasons must be concrete and consistently applied to prevent what might appear as arbitrary account closures.’
Author: Moonstone Information Refinery
SCOPA calls for overhaul at Road Accident Fund after ‘disastrous’ legal outcome
It says the RAF board and executives should be held personally responsible for the expenses incurred in the ‘irresponsible’ court action against the Auditor-General.
FSCA shares list of currently licensed crypto asset service providers
The Authority responds to media statements by entities claiming to be the first or only licensed institutions.
PPS ‘disappointed’ by 12% decline in new life and risk insurance business
The allocation to members’ Profit-Share Accounts soars from R620 million to R4.54 billion thanks to strong investment returns.
Capitec to launch life cover product in June
The group’s after-tax profit from its insurance business increased by 12%, with its funeral plans now covering more than 12 million lives.
Celebrity chef sentenced to 10 years in jail for R5.3m VAT fraud
Lusizo Henna laundered the R3.1m refund within 14 days of SARS paying the money into his business account.
Crypto transfers: new client information requirements coming for CASPs and intermediaries
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
FSCA’s Charene Nortier was a consummate professional who will be sorely missed
A tribute to a great friend of the industry and a champion of the work that compliance officers do.
Banxso: FSCA to investigate allegations of financial misconduct
The trading platform denies any involvement in the deepfake advertisements that circulated on social media.
Alexforbes launches discretionary fund management unit
Investment Solutions by Alexforbes provides IFAs with access to previously inaccessible asset classes.
Medical schemes experience significant drop in net results for 2022
In 2022, the industry saw a net income of R2.57 billion – down from R12.18bn in 2021 – and faced an operating deficit of R6.155bn, the largest in 23 years.
PSG Financial Services grows assets under management by 15% to R406.9bn
The final dividend was 14% higher than last year, while headline earnings rose by 11% to R1.033bn.
Nedbank will defend itself in legal action related to ACSA transactions
The bank also says it closed the accounts of some 190 clients in 2023 following ‘reviews of client activity and related reputational risks’.
Education costs surge: schools, universities see price hikes in 2024
Paul Hutchinson, sales manager at Ninety One, recommends growth-focused investments to protect against long-term economic changes – and inflation.
JSE unveils proposals to reduce regulatory burden on smaller companies
The move aims to stem the tide of delistings, which has halved the size of Africa’s largest stock exchange since 2001.
Old Mutual gets green light from Prudential Authority for new bank
The group is shifting from ‘bank-build mode’ to a testing phase with select banking partners.
ASISA says its members are working flat out to be ready for ‘two pots’
DA MP takes Old Mutual to task for comments suggesting the 1 September implementation date ‘may slip’.
