NHI will be phased in, says Phaahla
Health Minister Dr Joe Phaahla has once again indicated that National Health Insurance (NHI) will be phased in based on the funds available. Earlier this month, Dr Phaahla told a virtual event hosted […]
MediCheck claims win as Discovery Health writes off up to R170m in ATB recoveries
Discovery Health has abandoned recovery action against more than 16 500 members, agreeing to absorb up to R170 million in overpaid ATB claims after sustained pressure from MediCheck,
Old Mutual pays out a record R21.2bn in claims in 2021
Old Mutual paid out R21.2 billion in claims in South Africa last year, 51% higher than in 2020, according to its latest claims statistics report. “The significant increase in pay-outs of 51% bears […]
Two-pot retirement system may take up to five years to implement
Ismail Momoniat, the acting director-general of National Treasury, told the Pension Lawyers Association virtual conference in May that retirement reform is alive and well, although the various proposals still need to be consolidated. […]
‘Employers may still require employees to wear masks’
Workplaces where there is a high risk of Covid-19 transmission may insist that employees continue wearing masks even though some of the Regulations Relating to the Surveillance and the Control of Notifiable Medical […]
Quo vadis, compliance reporting?
The process involved in replacing the old compliance reports, which were last required for the 2017 financial year, reminds me of a joke in a rag magazine, many years ago, about a new […]
Group disability benefits: ‘adapt or die’
Without a new approach to managing risk, group income disability benefits are headed for extinction and, in the retail market, only the rich will be able to afford these benefits, says Reinier van […]
Retirement benefit counselling has an impact on how much members take as cash
Proper counselling when employees change jobs or reach retirement makes a significant difference to the portion of their savings employees take as cash, but few employees are receiving this kind of advice, according […]
What you should know about auto-assessments in the 2022 tax filing season
The South African Revenue Service (Sars) has introduced some changes to the auto-assessment process this year to make it easier for taxpayers to file their income tax returns. If you are not a […]
FSCA wants information on paid-up retirement benefits
The FSCA has told retirement funds and fund administrators to submit information about their paid-up members, setting a deadline of 31 October for information relating to new paid-up members. In March, the FSCA […]
Prepare for two massive repo rate hikes, says commercial bank
The South African Reserve Bank (SARB) will hike the repo rate by 75 basis points in both July and September – well above the consensus expectation, according to international banking group BNP Paribas. […]
Fica verification: can accountable institutions ask for too much information?
The recent Supreme Court of Appeal (SCA) case of Nedbank Limited v Houtbosplaas (Pty) Ltd and Another raises interesting considerations for accountable institutions aiming to comply with their obligations under the Financial Intelligence […]
Inadequate money laundering risk management exposes businesses to criminal exploitation
Businesses that do not develop and implement an effective risk management and compliance programme (RMCP) are particularly vulnerable to financial crime, such as money laundering and terrorist financing. A Financial Action Task Force […]
FSPs can’t simply debar representatives for any act of internal misconduct
The Financial Services Tribunal (FST) has drawn on the principles governing the fit and proper requirements for legal practitioners in setting aside the debarment of a bank’s representative on the grounds of dishonesty. […]
Only days left to apply for MBSE’s second semester
Applications to enrol for one of Moonstone Business School of Excellence’s accredited qualifications close on Monday, 27 June. If you want to kick-start a career in the financial services sector, or if you’re […]
Debarment reconsiderations following a pattern: Which client affidavit is true?
The Financial Services Tribunal (FST) has set aside and remitted the debarment of a Sanlam representative in a case that followed a pattern similar to many debarment reconsideration applications: a client produces an […]
FSCA must set a time limit on debarments, says tribunal
The FSCA cannot debar someone indefinitely – the FAIS Act requires a time limit, the Financial Services Tribunal (FST) said when it set aside this aspect of a debarment order and told the […]
Booster shot is particularly effective in protecting against severe Covid outcomes, says Discovery
Vaccination is less effective at preventing contracting the Omicron variant, compared with previous variants of Covid-19, but still provides excellent protection against severe illness and death, particularly if one has a booster shot. […]
