Life insurers pay a record R639 billion in 2024
Sales of recurring-premium savings policies continued to improve, while lapses of risk policies declined.
Industry News
Major setback for medical schemes in legal battle over low-cost options
The Board of Healthcare Funders says it will appeal after the High Court dismissed its application on procedural and substantive grounds.
SARS’s enhanced compliance efforts add R301.5bn to revenue
The South African Revenue Service outperformed its revised estimates for 2024/25, buoyed by strong personal income tax, VAT, and company income tax collections.
CMS extends exemption for primary healthcare policies
Insurers are allowed to offer primary healthcare policies for an additional two years pending the finalisation of a framework for low-cost benefit options.
Health practitioners outline constitutional challenge to NHI Act
The SA Medical Association is particularly concerned about the Act’s impact on overburdened healthcare professionals, as well as patients’ ability to access treatment.
Medical schemes push ahead with case over Covid test pricing
The Competition Tribunal has dismissed key objections from major pathology laboratories, moving the medical schemes closer to having their damages claim heard in the High Court.
New website will change the way FSPs interact with the FSCA
The revamped website will centralise all regulatory tools and services into one easy-to-navigate platform, making it simpler for FSPs to locate compliance information, verify credentials, and track enforcement actions.
The rand: more than meets the eye
Ahead of South Africa’s election, foreign asset managers increased their exposure as the 10-year bond yield gap reached 8%. Recent fluctuations, driven by speculative futures and options trading underscore the complex forces at play behind the rand’s performance.
SA leads in anti-money laundering in the real estate sector
The OREO Index, developed by leading anti-corruption experts, assesses the robustness of real estate data and anti-money laundering laws.
Why the prescribed interest rate can cost you more than you expect
The prescribed interest rate isn’t just a technicality – it determines how much extra you’ll pay (or receive) in a legal dispute, and once it applies to a debt, it stays locked in, even if rates drop later.
Retirement fund assets reach R5.84 trillion
The FSCA’s latest Retirement Funds Statistical Report highlights trends in fund membership, asset growth, and investment performance.
AML/CFT | Strict enforcement will be the new normal
The need to get South Africa off the grey list has seen the FSCA beefing up its supervisory and licensing capacities.
Court orders RAF to pay medical scheme members’ claims
Another attempt by the Road Accident Fund to contest liability based on the ‘majority decision’ against Discovery Health has fallen through.
Ponzi scheme operator sentenced to 10 years for crypto fraud
Five investors sought to recover their money, but the High Court ruled their funds were part of an illegal operation and must be forfeited to the state.
Consumer Tribunal orders suppliers to refund R697 000 for botched deals
The suppliers, which abandoned a home renovation and denied a refund for a defective vehicle respectively, were also fined a total of R250 000.
Beware of doing business with unauthorised entities
Promises of unrealistic returns are clear sign that a scam is afoot.
FSCA’s contingency plan: navigating COFI delays and licensing overhaul
The FSCA is preparing for the massive task of migrating about 12 500 financial services providers into the new COFI framework.
