FSCA versus Viceroy – Round number 0ne
The FSCA publicly announced its enforcement order against Viceroy on 8 September, but it told journalists that it had informed Viceroy of its decision the previous week, which meant the clock had already […]
Tribunal dismisses N-e-FG executives’ ‘restorative justice offer’
In exchange for their admissions, they sought to substitute their debarments with an undertaking to repay R470m in client losses.
Verification of client’s beneficial ownership is an essential element of FIC compliance
Financial Service Providers (FSPs) play a crucial gate keeping role through which entry to financial markets can be accessed. Unfortunately, criminals are aware of this access point, and seek to exploit vulnerabilities of […]
2022 is closer than you think
A month or so ago I watched a documentary on Showmax titled ‘Our Towns’, the film version of a book, ‘Our Towns, A 100 000 Mile Journey in the Heart of America’, by […]
Sasria on its current state of liquidity
Technically insolvent Sasria will “soon” announce premium increases for commercial clients as part of measures to restore the state-owned entity to financial health, Sasria managing director Cedric Masondo told Parliament’s Select Committee on […]
Is a debarment hearing a procedural prerequisite?
A Tribunal decision published on 1 September provides further guidance to the debarment theme we have been focussing on recently. Importantly, it clarifies the need for a debarment hearing where due process had […]
Cyberhackers outscore losses from weather-related disasters five to one
There was an opportunity for insurers and intermediaries to sell more cyber insurance as a result of the shift in consumer behaviour because of the pandemic, Andrew Coutts, the head of intermediated business […]
What do clients want from their intermediaries?
Insurance intermediaries need to move away from “a product-push approach towards a more client-centric product build approach”, Andrew Coutts, the head of intermediated business at Santam, said in the insurer’s 2021 Barometer. This, […]
What do clients want from their intermediaries?
Insurance intermediaries need to move away from “a product-push approach towards a more client-centric product build approach”, Andrew Coutts, the head of intermediated business at Santam, said in the insurer’s 2021 Barometer. This, […]
Structuring life insurance correctly for SME owners
Short-term insurance recently became one of the talking points of the July lootings after thousands of SMEs were affected by the riots, suffering loss and damage to assets. In the hopes of keeping […]
Treasury’s pensions policy still focussed on encouraging savings
Plans to make retirement savings accessible to fund members have received a lot of attention lately, but Treasury is still very much aware of the need to protect these funds. Legalbrief reports as […]
Policyholder deaths exceed the 1 million mark
Death claims statistics released today by the Association for Savings and Investment South Africa (ASISA) show that 1 023 083 policyholders died between 1 April 2020 and 31 March 2021. This represents an […]
Policyholder deaths exceed the 1 million mark
Death claims statistics released today by the Association for Savings and Investment South Africa (ASISA) show that 1 023 083 policyholders died between 1 April 2020 and 31 March 2021. This represents an […]
Debarment process revisited – Get it right the first time
Judging by how many debarments are overturned by the Tribunal, this appears to be a matter requiring a revisit. On 6 June 2019, the FSCA published Guidance Notice 1 of 2019 to: provide […]
Debarment process revisited – Get it right the first time
Judging by how many debarments are overturned by the Tribunal, this appears to be a matter requiring a revisit. On 6 June 2019, the FSCA published Guidance Notice 1 of 2019 to: provide […]
Client engagement skills you can’t ignore
In the current climate, perhaps more than ever before, people are seeking empathy and reassurance. Real connection counts, especially in a time of distancing, disorder and uncertainty. Intermediaries can play a pivotal role […]
Client engagement skills you can’t ignore
In the current climate, perhaps more than ever before, people are seeking empathy and reassurance. Real connection counts, especially in a time of distancing, disorder and uncertainty. Intermediaries can play a pivotal role […]
FIA and Santam launch transformation initiative
The Financial Intermediaries Association of Southern Africa (FIA) and Santam have partnered to launch the FIA Transformation Initiative, a campaign focused on accelerating transformation in the South African intermediary space. Santam has been […]
