FSP ordered to compensate client for R3.1m following cybercrime loss
A recent High Court ruling underscores the fiduciary duties of financial services providers in the context of escalating digital threats.
RAF faces claims surge if form falls
SCOPA says the RAF 1 form may have kept claims out of the system, leaving the Fund exposed to a wave of unrecognised liabilities if it is set aside.
Two pots: MPs envisage staggered implementation
The finance committee’s decision seems, in part, to be based on the assumption that some fund administrators will be ready to ‘go live’ on 1 March next year.
Webinar explores AI as new IT risk management standards take effect in financial services
As the finance industry adjusts to the new Joint Standard principles, MBSE is delving into the world of AI and its impact on cybersecurity controls in an upcoming webinar.
How to navigate the nuances of motor insurance to prevent claim rejections
As car insurance underwriting becomes increasingly intricate, brokers play a crucial role in informing clients of the distinctions between private and business usage.
Ombud finds fault with ‘negative-option’ selection at inception stage
The consultant should have provided the available options to the insured and left it to the insured to decide which category best suited his business.
Why insurance matters as South Africans flock to shops and online deals
The excitement of scoring great Black Friday deals is accompanied by a crucial reminder: the importance of insurance to safeguard purchases from unforeseen mishaps.
FIC publishes final Guidance Note on international funds transfer reporting
The same transaction may give rise to the submission of multiple reports to the Financial Intelligence Centre.
Occupational fraud: a global epidemic costing trillions
CS Forensics CEO Christo Snyman says implementing effective risk mitigation strategies can significantly prevent the escalation of employee fraud.
Strategic partnership to ‘fill missing piece of the puzzle’ in liability insurance
The collaboration aims to empower Old Mutual Insure to broaden its footprint and provide specialised liability coverage throughout the African continent.
LIVE UPDATE | MPs insist two-pot system be implemented on 1 March 2024
The National Assembly’s Standing Committee on Finance met on Tuesday morning to deliberate clause-by-clause on the two-pot legislation.
National Financial Ombud set to start in January 2024 – draft rules and MOI published
Financial sector participants should take note of the differences between the NFO’s Rules and the rules of the existing ombud schemes.
Supreme Court upholds King Price’s appeal against motor vehicle claim
The SCA finds the policyholder failed to produce evidence to support his pleaded claim for damages based on the vehicle’s market value.
Tax professionals ‘should prepare for more major shifts in SA’s tax system’
The compliance landscape has shifted from ticking the boxes to risk anticipation, risk identification, and proper disclosure.
Webinar: Transform the way you think about digital defence in the financial industry
As the Joint Standard for handling IT risks takes effect, FSPs must begin to familiarise themselves with establishing a resilient IT risk management framework.
Second take: Joint Standard on IT governance and risk management
Law firm Clyde & Co summarises the key implications of the Joint Standard for financial institutions.
Don’t simply assume your policy covers you for hail damage
Steps the insured can take to enhance the likelihood of a successful claim.
FIC publishes draft guidance on how accountable institutions can identify beneficial ownership
The draft public compliance communication provides guidance on how to establish the beneficial owners of legal persons, trusts, partnerships, and non-governmental organisations.
