Sanlam sees strong growth across all business lines
The group’s new business volumes in life insurance grew by 12%, while net operational earnings rose by 17%.
Industry News
Average living annuity drawdown rate lowest in five years
The marginal decrease in the average drawdown rate is noteworthy because it occurred in an environment of rising living costs, says ASISA.
Concerns about proposed tax policy framework for alcohol industry
The proposed minimum unit price for alcohol could make drinking less affordable and curb harmful consumption, but critics argue it may unintentionally fuel the already substantial illicit alcohol market.
Preparing retirement funds for an uncertain future: embracing change, ESG, and emerging trends
Carina Wessels of Alexforbes discusses the urgent need for retirement funds to ‘learn forward as they lean forward’ to ensure long-term sustainability and relevance.
New chief executive and Registrar appointed for the Council for Medical Schemes
Dr Musa Gumede steps into the role of Registrar of the CMS, succeeding Dr Sipho Kabane, whose tenure was marked by significant challenges and critical industry reforms.
Banxso v FSCA over links to deepfake adverts
The Authority challenges Banxso’s claim that it is not connected to Immediate Matrix’s deepfake adverts.
CPA amendments: will financial services face stricter direct marketing rules?
Experts weigh in the impact on financial services of a proposed opt-out registry to protect consumers from unwanted marketing.
FSCA refutes claim of Banxso licence reinstatement amid ongoing investigation
The liquidation application against Banxso claims that the number of clients deceived by the deepfake adverts is far greater than previously reported.
Debtor carries the risk, says High Court in ruling on cyber-fraud liability
The judgment highlights that confirming payment details is essential to avoid financial loss.
SIU investigation to uncover irregular claims from 2021 unrest
SASRIA says the proclamation issued by President Ramaphosa follows its request for assistance from the Special Investigating Unit.
Treasury analysing SARS data in considering a possible wealth tax
MPs are also told that the fiscus cannot afford a permanent and expanded Social Relief of Distress grant without tax increases.
Pension Funds Act amendments spark uncertainty over divorce and maintenance deductions
There is a legal grey area over the calculation of pension interest in divorce settlements and whether funds may now be permitted to make deductions for future maintenance orders.
Auto & General’s Knysna fires advert is not offensive, says ARB
Insurance advertising often addresses personal experiences of loss and hardship, so they are likely to trigger strong emotional responses, the Board says.
Tax Ombud flags SARS delays in meeting resolution deadlines
The Tax Ombud’s 2023/24 report highlights delays in SARS meeting resolution deadlines, an increase in complaints, and a concerning rise in eFiling profile hijacking.
Is the FSCA preparing for auto-enrolment to expand retirement coverage?
After years of stalled progress, the FSCA’s recent comments suggest National Treasury may renew its push for auto-enrolment.
Life insurers, investment companies report a 46% surge in fraud and dishonesty
The industry lost at least R175.9 million last year but prevented losses of R1.5 billion through enhanced detection efforts, says ASISA.
No more spam calls? Proposed amendment introduces opt-out registry
A proposed amendment to the Consumer Protection Act aims to establish an opt-out registry, allowing consumers to block unsolicited marketing messages.
