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Archive | Market Commentary

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ombud-briefcase

Short-term Shortcuts

New Ombud’s Briefcase The OSTI Briefcase issue 3 of 2016 contains a number of interesting case studies, including: The rejection of a claim for accidental damage on the ground that the person riding the motorcycle at the time that the damage occurred was not a named rider on the policy Rejection of a claim under […]

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protection

Income Earners underinsured for death and disability

The families of South Africa’s 14 million income earners face a combined insurance shortfall of R28.8 trillion should these breadwinners die or become disabled. This amounts to an insurance gap – the difference between actual risk cover in place and the insurance need – of R2.1 million for the average South African earner. The insurance need is […]

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ombud1

Crime and Punishment

A recent decision by the Enforcement Committee (EC) again raised questions about penalties meted out to transgressors. Pieter and Samantha de Wet, trading illegally as Petite Models CC, were each fined R75 000 for running a short-term insurance business without being duly registered with the FSB, nor utilizing the services of a registered insurer or underwriter. […]

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suitebox

Moonstone Partners with SuiteBox to open South African office

SuiteBox, the mobile office solution for professionals, launched in South Africa in partnership with Moonstone Information Refinery to provide sales, marketing and frontline services. In addition, Moonstone acquired a 10% equity shareholding in SuiteBox Solutions. Ian Dunbar, SuiteBox CEO, said: “If you want to spend more face-to-face time with your clients, if you want a […]

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liquidation

Liquidation of SaXum Insurance

The Registrar of Short-term Insurance’s application to place SaXum Insurance Limited under final liquidation, was granted. The Court ordered that SaXum be placed under liquidation for final winding-up in the hands of the Master of the High Court, Johannesburg. A liquidator will be appointed to manage the affairs of SaXum with the interests of its […]

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consequence-consequence

Avoiding Unintended Consequences

While we await the publication of the proposed new Fit and Proper requirements, it is time to assess our own approach to change. Die Burger’s editorial comment, on 19 October 2016, raised the issue of unintended consequences in so far as changes to the Liquor Act are concerned. It discusses two sides of the coin. Job creation […]

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inestor-update

Adviser liability for Investment Returns

A number of advisers have expressed concern that they may be held liable for unsatisfactory investment returns. This is understandable, given the wide interpretation that can be attached to the “due care and diligence” sabre which is so often applied in slashing fashion in findings against them. The recently published Lombard case provides some guidance […]

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Outlook-2016

What to look for in structured products

In today’s uncertain climate, financial advisers have to consider risk very carefully. How much risk is appropriate for different clients, and how it is managed are critical questions when putting together investment plans. This is particularly important when looking offshore. With interest rates in developed markets being so low, any substantial losses will be hard […]

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Ombud

Contradictory views on Material Terms?

The latest Newsletter from the Short-term Ombud contains details of a rejected claim as a result of the fact that, at underwriting stage, the client did not inform the insurer of previous losses. Mr. R was of the view that the insurer should have carried out a background check on him when the policy incepted. The […]

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business_continuity

Business Continuity and Succession Planning – Part I

We recently published a brief summary of an article on the buying and selling of financial services practices that appeared on an Australian website. The owner of Centurion Market Makers discussed the two most prevalent questions from buyers and sellers. In response to the question, “What are your reasons for wanting to buy a business?”, […]

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