FAIS Ombud’s report highlights pitfalls in client communication
From misrepresented investment products to overlooked policy details, the cases show how advisers can better serve clients by providing clear, timely, and relevant information.
Industry News
Old Mutual pays out R2.3bn in over 200 000 two-pot withdrawal claims
Financial advisers warn that even small withdrawals can significantly erode retirement income over time.
Bestmed defends 12.75% 2025 contribution hike as industry faces cost pressures
Bestmed states pending rules for low-cost benefit options have further complicated efforts to reduce costs for members.
Fedgroup grows agri-finance beyond borders to offset South Africa’s economic risks
First ventures in Mozambique and Zambia are just the beginning, says Fedgroup.
SARB unfreezes R9bn: a win for Ibex Holdings in settling foreign debts
The SARB plans to continue enforcement action against Ibex Holdings, formerly Steinhoff, and other parties but may consider a settlement to resolve the matter.
Treasury accepts most of the industry’s two-pot proposed amendments
Among other things, the revised Amendment Bill will clarify how funds should calculate seeding when provident fund members choose to join the system.
Consumer settlements rise as FAIS Ombud sharpens complaint handling
More than R39m awarded to consumers as complaints settled in their favour increased from 29% to 35% in 2023/24.
Class action litigation in SA could spike with ‘non-attack’ data breach claims
Improper data handling could lead to expensive claims, and stronger enforcement of POPIA is critical to preventing future litigation, say legal experts.
Former Joburg mayor arrested for alleged funeral insurance scam
Kabelo Gwamanda is accused of conning Soweto residents through his company, Ithemba Lama Afrika, leaving policyholders stranded when the business vanished in 2012.
Rethinking inflation: SARB’s governor on achieving lower rates without sacrificing growth
Having reached the target of 4.5% with ‘little or no cost’, Lesetja Kganyago argues that South Africa can achieve permanently lower inflation and interest rates.
Building South Africa’s future: can infrastructure investment overcome regulatory hurdles?
Mika Adsetts, global chief investment officer of Momentum Multi-management, says that while PPPs are crucial for advancing infrastructure goals, an array of investments is key to scaling these projects.
South Africa’s workforce forecast to see average 6% pay rise
Average inflation is expected to be 5.1% in 2024 and 4.8% in 2025 and 2026, according to the Bureau for Economic Research’s latest inflation expectation survey.
Fraudsters impersonate FSCA commissioner in latest scam
The FSCA also reiterates its warning against Donafin, which continues to charge fees for unauthorised financial services.
Beware the payback trap of the 60/40 portfolio
In investing, one key factor is often overlooked: the payback period. Understanding duration can reshape your portfolio strategy and help you manage risk more effectively.
Regulator pushes for tougher PAIA enforcement to combat low compliance
Key proposed amendments include imposing fines for non-compliance, enhancing the Information Regulator’s authority to issue directives, and introducing search-and-seizure powers.
SARB seizes over R67 million from former Steinhoff executive
Stephanus Grobler, who is facing multiple charges including racketeering and fraud, is due to appear in court in February next year.
When money matters: understanding the link between financial stress and mental health
Financial stress frequently appears in the workplace as anxiety, which can develop into depression, increased absenteeism, and substance abuse.
