FSCA provides an update on progress with the move to COFI
The Authority’s latest three-year Regulation Plan does not specify by when the three-phase transition project will be completed.
Industry News
Performance tool for IFAs in retail investment sector
Alexforbes’ recently launched Retail Manager Watch surveys provide a detailed analysis of the retail multi-asset class investment landscape.
Impersonation fraud skyrockets by 337%, targeting financial sector
Santam’s Jerry Chetty reports a troubling trend where fraudsters use social engineering to obtain policyholder information.
AI’s energy appetite to spark global capacity expansion
The increased use of AI will demand a major build-out of data centres and greatly increase electricity consumption.
How the Steinhoff Group propped up its profits
The National Prosecuting Authority’s indictment against former Steinhoff executives lays bare a ‘sophisticated washing machine’ that generated ‘entirely illusory profits’.
Discovery gap cover advert ‘should have made the waiting period explicit’
The ARB says the advert is misleading because it did not make it clear that the maternity benefit came with a 12-month waiting period.
Exiting the grey list before June 2025 is unlikely, says Treasury
The FATF did not discuss removing SA from the grey list but focused on the progress the country has made in addressing the 22 Action Items.
Scammers at work … from VAT fraud to fake invoices
Lieutenant General Godfrey Lebeya details the cases involving financial crimes investigated by the Hawks.
Property fire claims: how business owners can protect their premises this winter
Paying for fire damage without insurance can be financially devastating for both individuals and businesses.
Life insurers with the most and least complaints to the ombud in 2023
There was a further decline in cases that were resolved wholly or partially in favour of the complainants.
Medihelp’s solvency ratio drops below threshold amid high claims and rising costs
Medihelp submitted a CMS-approved three-year plan, requiring gradual contribution increases to restore its reserves to the statutory 25% level.
Complaints to the life insurance ombud return to pre-Covid levels
There were fewer complaints about funeral benefits in 2023, while complaints about life benefits continued to rise.
PSG Wealth and Private Client Holdings named as SA’s top wealth managers
The annual Krutham Top Private Banks and Wealth Managers survey can help potential clients establish which institution will best serve their needs.
FSCA Commissioner highlights balance between innovation and regulation
FSCA Commissioner Unathi Kamlana underscores the importance of balancing the costs and benefits of regulation to foster innovation and protect consumers.
Why policyholders complained to the short-term ombudsman in 2023
‘Lack of maintenance or wear and tear’ gave rise to most of the disputes in several categories of insurance.
Short-term insurers with the most and the least complaints in 2023
The important statistic is the proportion of personal lines complaints relative to an insurer’s share of the total personal lines claims.
Forensic audit traces Classic Financial Services’ missing millions
The joint liquidators have auctioned Cobus Geldenhuis’s residence and taken control of all movable assets belonging to him and his ex-wife, Jackie.
