Discovery updates RA range with new products and revised structures
The products feature tiered fees, contribution boosts, and integration benefits, subject to defined terms and conditions.
Industry News
Medscheme secures Sisonke administration mandate
The appointment strengthens Medscheme’s foothold in the employer-based healthcare sector.
JSE flags ‘recurrent non-compliance’ in KOBWA censure
The JSE issues a public censure and suspended fine after the Komati Basin Water Authority again failed to publish a required SENS announcement on time.
UPDATED | Minister gives notice of COFI’s ‘introduction’ in National Assembly
Treasury takes the next step in financial sector reform.
IRBA bans VBS audit partner, hits him with R10.8m penalties
IRBA imposes a lifetime ban, maximum fines and full cost recovery after finding the VBS audit was riddled with missed red flags and undisclosed conflicts.
PSG earnings rise 33.5% as markets boost performance fees
PSG Financial Services reported strong earnings growth, supported by favourable market conditions and higher performance fees.
Fuel levy dispute before the courts as consumers brace for higher prices
Temporary fuel levy relief ends on 5 May as pressure builds at the pumps. The High Court case will test whether the minister can adjust the levy without Parliament.
SCA clarifies RAF liability: ‘any person’ includes illegal foreigners
Neither the RAF nor the Minister of Transport can limit who qualifies for compensation under the Act.
Regulators step in as AI adoption exposes new financial risks
As AI-driven incidents increase, insurers face mounting pressure to replace implicit cover with explicit policies tailored to new technological risks.
Ithala pulled back from the edge, but its future remains in doubt
The Prudential Authority has withdrawn its liquidation bid after progress on depositor repayments, but Ithala is still unlicensed and cannot resume deposit-taking.
Tribunal upholds PA decision on bank’s ‘simulated’ capital transaction
The FST dismisses African Bank’s application to overturn a directive to reverse a R685m intra-group transaction, finding it lacked commercial substance.
Actuarial study finds no single model resolves RAF challenges
A comparative study of three compensation models finds that combining elements of each may provide a more balanced solution.
Investment performance drives PPS member payouts to record levels
The mutual insurer reports R5.56bn in investment returns compared with R1.32bn in operating profit, while higher claims put pressure on underwriting performance.
Claim dismissed after decade-long delay in Discovery Life dispute
A disability claim was paid, then disputed on non-disclosure grounds. Years of stalled litigation meant the court dealt with the case on procedure, not substance.
EE compliance enters enforcement phase as fines of up to 10% loom
Sakeliga’s Constitutional Court bid marks a final push to halt EE quotas as enforcement deadlines approach.
Benefit payment hold-up leads to compensation order against fund
The Pension Funds Adjudicator finds that delays in processing a member’s withdrawal and transfer of retirement savings were wrongful and negligent.
BHI Trust fallout widens as FSCA bans intermediary for 20 years
The FSCA’s latest action highlights the regulatory risks for individuals who may have been linked to the BHI Trust scheme.
