Consumers caught in hidden debt trap as ombud flags unfair practices
From hidden VAS fees that quietly inflated balances to wrongful fraud listings, the NFO Credit Division’s interventions have secured millions in write-offs.
Industry News
Bestmed marks sixth year of membership growth
Despite economic headwinds and high claims ratios, Bestmed grew net membership by 4.4% in 2024, bolstered by strong solvency and a R164.4m surplus.
Need for trust and taxpayer support to drive voluntary tax compliance
Despite improvements in taxpayer education and system simplification, low trust in government remains the biggest barrier to voluntary compliance in Africa.
Crime, fire, and weather remain key drivers of commercial claims
Theft under property covers remains the leading driver of crime-related claims, even as overall crime claims dipped in 2024, Santam reports.
SARS escalates crypto crackdown – how to advise clients
Whether clients are long-term holders of crypto or occasional traders, transparency now is better than an audit later.
Brokers look to digital tools to reclaim time for client engagement
Two-thirds of brokers say they want plain-language breakdowns of extensions and exclusions, according to the 2025 Santam Insurance Barometer.
Non-life complaints resolved in favour of policyholders at 16.5%
Lead Ombud Edite Teixeira-Mckinon warns against drawing hasty conclusions about complaints stats without factoring in claims volumes and policy counts.
Wake-up call for RAF as SCOPA prepares for full-scale inquiry
A whistleblower-backed memorandum discloses how a legitimate RAF lease was allegedly overturned to favour Mowana Properties.
Insurance Barometer identifies top risk concerns and claims trends
The weak economy, deteriorating infrastructure, and volatile weather are creating a tough environment for insurers and businesses.
Non-life insurance ombud sees 11% drop in complaints in 2024
Most complaints to the NFO went to the Non-life Division, whose interventions yielded R107m in quantifiable benefits for policyholders.
Fraud floods complaints as banking ombud speeds up resolutions
Mobile banking fraud, phishing, and vishing drove 30% of all complaints, highlighting fraud as the leading issue in the Banking Division’s first year under the NFO.
When banks get it wrong: ombud cases reveal costly mistakes
Only 21% of formal complaints to the Banking Division were resolved in favour of consumers.
NFO’s Life Division recovers over R202m for consumers in 2024
Complaints about life-benefit payouts climbed to 36% of the Division’s cases, from 34% in 2023.
Appeal Tribunal clarifies life insurer’s duty in beneficiary nomination
The ruling highlights the need for the timely communication of beneficiary changes in life insurance policies.
Nessfin’s licence pulled amid fallout from MyWealth-linked entities
The FSCA has provisionally withdrawn Nessfin’s licence amid concerns over its ties to unauthorised entity MyWealth Legatus and potential breaches of financial sector laws.
I prefer US government bonds ahead of corporate bonds
A portfolio split of 60% US Treasuries and 40% investment-grade corporate bonds emerges as the efficient frontier.
CMS will issue a new circular on appointment of healthcare brokers
A significant ruling by the Appeal Board rendered the processes outlined in the circulars published in 2022 invalid.
