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.
Industry News
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The FSCA has provisionally withdrawn Nessfin’s licence amid concerns over its ties to unauthorised entity MyWealth Legatus and potential breaches of financial sector laws.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.
FSCA probes CoCre8 entities amid liquidation and fraud allegations
The High Court has authorised a commission of inquiry into the affairs of CoCre8 Gold.
Legacy network shutdown puts insurance cover at risk
As 2G and 3G networks are retired by end-2027, thousands of vehicle trackers and alarm systems could go dark – potentially invalidating policy terms.
Non-life ombud rules that insured can keep written-off vehicle
The NFO decided that Dotsure must indemnify the insured and waive the transfer-and-repurchase requirement, overturning strict adherence to the SAIA Code.
COFI is coming – and FSPs can’t afford to wait
Early preparation for COFI will give firms a competitive edge and help to avoid the compliance scramble seen during FAIS implementation.
COFI | Why FSPs should start planning now for proportionality
As the COFI Bill edges closer to becoming law, practice management expert Anton Swanepoel urges smaller FSPs to define their size early to unlock the benefits of proportional regulation.
Updated | Dates for workshops on funeral insurance regulations
Roleplayers in the funeral industry can book for an online workshop hosted by the FSCA and the Prudential Authority.
Report on active and passive portfolios reveals key trends for investors
The Morningstar Barometer shows where active management adds value and where low-cost passive strategies hold the upper hand.
Landmark conviction under the Cybercrimes Act
A former employee of Ecentric Payment Systems receives an effective five-year term for orchestrating a multi-million-rand cyberattack.
FSCA urges financial institutions to verify CPD providers
The Authority says an entity called LearnOn was found to have issued invalid certificates linked to the Financial Planning Institute.
Ramaphosa deepfake scam highlights rising threat of AI-driven investment fraud
Not even South Africa’s president has been spared as scammers use deepfake videos of public figures to promote bogus investment schemes – prompting fresh warnings from the FSCA about social media scams, impersonations, and unauthorised financial services.
