Classic Financial Services director and wife’s R66m gambling spree
The estates of the son and former wife of the director of Classic Financial Services have been sequestrated.
Alexforbes’ pivot to independent advisers starts paying off
Strong retail flows, rising adviser numbers, and expanding support capabilities suggest the group’s push to win over IFAs is beginning to deliver measurable results.
Constitutional Court’s ruling in tax dispute a relief for SA multinationals
Coronation withdraws cautionary to shareholders following victory in litigation with SARS over the foreign business establishment tax exemption.
Discovery Health says Road Accident Fund is in breach of court order
In 2022, the High Court ruled that the fund could not withhold payments for past medical expenses covered by medical schemes.
Investigation calls into question the narratives used to support NHI
BHF-commissioned study identifies 11 assertions made about private healthcare and medical schemes that lack foundation.
FSCA to launch retirement fund education campaign
The FSCA encourages members of retirement funds to check whether their employer is in arrears with their contributions.
Critical illness: Momentum Life Insurance urges comprehensive coverage planning
Momentum’s 2023 statistics show that 57% of death benefit claims were due to cardiac and cancer events, yet less than 81% of these claimants had critical illness cover.
SCA rules on composition of Financial Services Tribunal panels
Litigation between Trustco and the JSE over the group’s financial statements.
Master accepts R1.5bn in creditor claims in BHI Trust scam
The joint trustees’ attorneys are sending letters demanding repayment from creditors who received over R300m in preferential payments in the six months before sequestration.
Inseta extends lifeline for Further Education and Training Certificates
Inseta’s decision allows MBSE to continue offering its FETC Short-term Insurance and FETC Wealth Management qualifications.
Alexforbes: OUTvest lift-and-shift date set for 1 July
Chief executive Dawie de Villiers is optimistic about the group’s DFM partnerships, where the target is to write R2.5 billion in the first year.
Economists forecast a repo rate cut in November
The annual inflation rate remained unchanged at 5.2% in May, but it is still some way from the Reserve Bank’s target of 4.5%.
Third opportunity to comment on revised RMCP guidelines
Draft Guidance Note 7A provides further guidance to accountable institutions about their Risk Management and Compliance Programme obligations.
Expect ‘investment opportunities’ punted via social media and messaging apps to be scams
ASISA provides a list of tell-tale signs that someone is trying to defraud you.
Tax Ombud to investigate widespread taxpayer profile hijackings
The tax fraternity is concerned about the apparent ease with which scamsters can bypass SARS’s security protocols.
SCA clarifies when an insurance policy is a joint one
The appeal court also confirms the principles relating to the link between a notifiable disease and causation in respect of business interruption policies.
Discovery’s enhanced screening benefit will be available to new members after 2024
DHMS provides an update on the impact of the WELLTH Fund and membership movements following the consolidation of the Comprehensive series.
FSCA flags MyWealth Legatus
The Authority warns the public to exercise caution with MyWealth Legatus, just three months after imposing R73 million in penalties on two of its affiliate companies.
