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Archive | Industry News

digital-fraud

Increase in digital fraud echoed by TransUnion analysis

Last week, the Ombudsman for Banking Services (OBS) reported that it is continuing to receive complaints on a daily basis from consumers who were deceived into providing their confidential banking information to fraudsters. According to OBS, the Covid-19 Pandemic has been a major global disrupter. This is now echoed by the just-released TransUnion report. It’s […]

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compound-interest

How compounding can add value to your client

“No matter how much you earn or own in wealth right now, you still need to make a plan to protect, grow and ensure the wealth you accumulate can continue to increase over time.” Darius van der Walt, actuary and member of the Investments Committee of the Actuarial Society of South Africa (ASSA ) echoes […]

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fraud

Vishing overtakes phishing as it targets most vulnerable consumers

Despite numerous warnings from banks, the South African Banking Risk Information Centre (SABRIC) and media based messages the Ombudsman for Banking Services reports that it is continuing to receive complaints on a daily basis from consumers who were deceived into providing their confidential banking information to fraudsters. “Just a couple of years ago, the most […]

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non-compliance-curatorship

Non-compliance leads to curatorship for KeyHealth

In 2020, the KeyHealth Medical Scheme was placed under provisional curatorship as a result of certain corporate governance irregularities. “The journey of restoring governance at KeyHealth Medical Scheme continues,” according to the Council for Medical Schemes (CMS) on the announcement of the curatorship confirmation by the High Court of South Africa on 25 March 2021, […]

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insurers-business-medical-scheme

Industry update on requirements for insurers conducting the business of a medical scheme

The Council for Medical Schemes has released Circular 22 of 2021 that relates to revised exemption conditions to Circular 56 of 2020 which was published following the outcome of the renewal exemption applications of insurers conducting the business of medical schemes. Circular 56 of 2020 provided an overall update regarding the establishment of the LCBO […]

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SARS-high-net-worth

SARS: Tax dodgers can run, but can’t hide

So called high-net-worth-individuals came under the spotlight during the announcement by  the South African Revenue Service (SARS) of its preliminary revenue results on 1 April 2021 after a year of National COVID-19 lockdown regulations. “The extra out-of-ordinary pandemic circumstances changed the economic landscape and the way SARS operates to collect the tax revenue due. The […]

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Positive-impact-covid-medical-aid-industry

Positive impact of Covid-19 on medical aid industry

The 2020 Ask Afrika Orange Index® offers insight into consumer behaviour during the Covid-19 pandemic within the local South African context. A national representative sample of 16,786 interviews with South African consumers enable a comparison of service performance across 26 industries, ranking 159 companies. Was there an improvement at all in customer services levels in […]

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