PwC admits it failed to do its job properly at SAA
PricewaterhouseCoopers (PwC) has admitted that it dropped the ball in failing to identify corruption at SAA when it audited the company’s books between 2012 and 2016. In part 1 of his report on […]
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,
These six themes ‘will be top of mind’ for active managers in 2022
The response to climate change, inflation, post-pandemic growth and China’s market interventions are among investment managers’ top concerns this year, according to Sanlam Investments. Sanlam Investments’ portfolio managers believe active managers will focus […]
How Zuma and Moyane exerted a ‘Bainful’ influence on Sars
Global management consultancy Bain & Company says it is “deeply sorry” for its role in the damage inflicted on the SA Revenue Service (Sars) during the tenure of Commissioner Tom Moyane. However, Bain […]
Twin Peaks have failed us, says 3Sixty following provisional curatorship
The chief executive of 3Sixty Global Solutions Group, Khandani Msibi, has sharply criticised the FSCA and the Prudential Authority (PA) after 3Sixty Life was placed under provisional curatorship at the end of last […]
Draft standard on cybersecurity published for comment
The FSCA and the Prudential Authority (PA) have published, for comment, the draft Joint Standard: Cybersecurity and Cyber Resilience Requirements, which sets out the minimum standards for sound practices and processes of cybersecurity […]
FSCA delays release of new requirements for reporting on conduct
The FSCA says it will engage with the financial services industry in the first quarter of this year on the implementation of its cross-sectoral Conduct of Business Return (Omni-CBR). The Omni-CBR is intended […]
New year starts with two bangs and a whimper
My initial brief was to write an article on the FAIS Ombud’s annual report, but I thought it better not to start the new year on such a sombre note. Equally depressing was […]
FSCA extends exemption on compliance officer visits
The FSCA has once again extended – this time until 31 December 2023 – the exemption on compliance officers’ prescribed visits to FSPs’ business premises. The exemption was granted in 2017 to the […]
Treasury unveils proposals for two-pot retirement system
National Treasury has published a discussion paper, for public comment, on the two-pot system for retirement savings, which will allow for limited pre-retirement withdrawals, and on mandatory retirement savings for all employed and […]
FAIS Ombud warns FSPs about four areas of non-compliance
The FAIS Ombud has warned that complaints about the rejection of homeowner’s insurance claims will be referred to the FSCA for investigation if she believes the disclosure at inception is wanting. This was […]
Higher excess death rate among fully underwritten policyholders
Death claims for fully underwritten new-generation life insurance policies were nearly four times higher than the expected death rate during the peak of the third wave of Covid-19, according to the Actuarial Society […]
Higher excess death rate among fully underwritten policyholders
Death claims for fully underwritten new-generation life insurance policies were nearly four times higher than the expected death rate during the peak of the third wave of Covid-19, according to the Actuarial Society […]
Claim rejection must be supported by an exclusion in the policy
The Ombudsman for Short-term Insurance (Osti) told an insurer to settle claim from a policyholder who was not wearing his glasses at the time of an accident, despite the endorsement to his driver’s […]
Employer duty to pay contributions only ceases when a disability claim is registered
An employer’s obligations to pay contributions to a provident fund ceased when the fund registered the member’s disability claim, not when his contract of employment ended, the Financial Services Tribunal has ruled. The […]
Tribunal overturns Markus Jooste’s R162m fine
The Financial Services Tribunal has ordered the FSCA to come up with an “appropriate” administrative penalty on Markus Jooste after it set aside the fine of nearly R162 million the regulator imposed on […]
Younger consumers driving growth in consumer credit
Loan originations have increased year-on-year across all major lending categories, except credit cards. However, the South African consumer credit market remains below pre-pandemic levels, according to TransUnion’s latest overview of credit trends. Origination […]
Younger consumers driving growth in consumer credit
Loan originations have increased year-on-year across all major lending categories, except credit cards. However, the South African consumer credit market remains below pre-pandemic levels, according to TransUnion’s latest overview of credit trends. Origination […]
