NDCA pushes for fit and proper requirements for debt counsellors
The Association’s proposal will embed COFI’s principles and the TCF outcomes into debt-counselling practice.
Industry News
Bonitas commits to co-operating with CMS investigation
After concluding its section 43 inquiry into Bonitas, the CMS has determined that the allegations merit a further forensic investigation.
Treasury withdraws plan to tax foreign pensions, pledges wider consultation
Although the amendment will not proceed, Treasury remains concerned about double non-taxation and will re-engage with the industry to find a balanced approach.
Adjudicator’s rulings highlight ongoing confusion over two-pot withdrawals
The retirement funds correctly refused multiple savings component withdrawals and early access to vested benefits.
Surge in mental-health diagnoses – targeted programmes show results
Discovery Health data shows a sharp rise in mental-health conditions, particularly among young adults, yet structured programmes are helping members to achieve measurable improvements in well-being.
New Pension Funds Adjudicator appointed as Lukhaimane steps down
Lebogang Mogashoa takes office in December for a three-year term.
FSCA issues multiple warnings amid rise in year-end fraud attempts
As festive spending ramps up, the FSCA has issued a string of warnings about impersonators and unauthorised entities preying on consumers.
SARS launches expedited tax-debt compromise process
SARS will negotiate compromises only where liability is undisputed and both parties agree the taxpayer cannot pay in full.
SASRIA can absorb a catastrophe claim of up to R20bn
The state-owned insurer says it is on track to reach R30bn in reserves by 2029 – but emerging risks could still put its resilience to the test.
Medihelp to appeal contempt judgment in Elaprase case
Medihelp says it will challenge the judgment while the cost of Elaprase awaits a final decision by the CMS Appeal Board.
Santam starts onboarding farmers under SA’s first parametric insurance licence
Parametric insurance offers smallholder farmers a lifeline against climate shocks, with payouts triggered by predefined weather events rather than traditional claims processes.
FST upholds withholding of R2.16m benefit amid Shoprite fraud case
The decision makes clear the requirements for a lawful withholding: a prima facie case of dishonesty and demonstrable, timely steps by the employer to recover losses.
Sanlam’s AI Coach expands into healthcare
Sanlam Studios’ upgraded AI Coach now offers guidance on medical aid, primary care and gap cover.
MicroFinance SA rebrands as CASA to broaden focus across credit sector
The newly named Credit Association of South Africa aims to strengthen responsible lending, financial inclusion, and advocacy
Affordability pressures to drive innovation as insurance gap hits R50 trillion
The Insurance Gap Study finds SA’s life and disability shortfall has swelled to R50.4 trillion, with the average earner holding only 39% of the cover their dependants would need.
FAIS Ombud lauds large FSPs for settling more disputes directly with consumers
New enquiries soared in 2024/25, signalling higher public awareness; yet the number of cases opened fell as many matters were settled without the Ombud’s involvement.
Huge shortfall in critical illness protection leaves most income earners exposed
ASISA’s research shows formally employed South Africans face a major liquidity risk: R4 trillion in earnings versus only R1.1 trillion in critical illness cover.
