10X Investments to buy CoreShares
10X Investments has agreed to a 100% cash purchase of CoreShares, creating a full-service South African indexing investment specialist with more than R31 billion in assets under management. The deal is subject to regulatory approvals, but no delays are expected, CoreShares said in a SENS announcement last week. The purchase price was not disclosed. 10X […]
Syndicates commit murder, stage hit-and-run accidents to defraud life insurers
Life insurers’ fraud investigations have turned up more evidence of deathly get-rich schemes in which syndicates take out funeral insurance on victims they subsequently kill in order to submit a claim. Syndicates, particularly in the Eastern Cape, look for every opportunity to exploit, and there has been upward trend with unnatural deaths in the past […]
How tax residency affects your ability to receive an SA inheritance
The finalisation of a deceased estate is a time-consuming and frustrating process for South Africans. There is additional complexity and exasperation when one of the heirs is an expatriate. When you live outside South Africa and inherit from a South African source, you are required to have placed your emigration on file in order to […]
MPs ask Treasury for report on impact of new financial sector levies
Parliament’s Standing Committee on Finance has tasked National Treasury with producing a report on how the Financial Sector and Deposit Insurance Levies Bill will impact consumers and small entities. Read: FSPs face paying regulators much higher levies Treasury, the FSCA and the Prudential Authority (PA) this week briefed the committee on their responses to submissions […]
Big increase in fraudulent and dishonest risk cover claims in 2021
Life insurers detected 4 287 fraudulent and dishonest claims worth R787.6 million across all lines of risk business in 2021. This is a 34.5% increase in the number of such claims from 2020, when 3 186 cases of fraudulent and dishonest claims to a value of R587.3m (34.1% increase) were uncovered. The fraudulent and dishonest […]
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The current CPD cycle ends on Tuesday, 31 May, and time is of the essence if you haven’t completed your CPD activities. Moonstone Business School of Excellence (MBSE) offers access to more than 100 online CPD courses, from only R53 for a 0.5-hour course. To make it easier to find the right one, our range […]
Dis-Chem data breach affects 3.68 million customers
One of Dis-Chem’s third-party service providers suffered a data breach on April 28, affecting more than 3.68 million of its customers, according to a notice posted on Dis-Chem’s website on Wednesday. It said “there is currently no indication that any personal information has been published or misused as a result of the incident. However, we […]
‘SA the most dangerous country in which to drive’
South Africa is the most dangerous country in which to drive, according to a survey by online driver’s education resource online Zutobi. Zutobi analysed 53 countries on the following five factors: The estimated number of road traffic deaths per 100 000 of the population; The maximum speed limit for cars on motorways (km/h); An estimate […]
FSCA fines Viva Cover and Comit Technologies
The FSCA has imposed penalties of R110 000 on both Viva Cover (Pty) Ltd and Comit Technologies (Pty) Ltd for contravening various provisions of the General Code of Conduct from November 2013 to April 2016. Comit is a juristic representative of Viva Cover and sold financial products via its call centre on behalf of Viva […]
Santam takes full control of Indwe Broker Holdings
Santam, South Africa’s largest non-life insurer, has taken full control of Indwe Broker Holdings after acquiring the shareholding from African Rainbow Capital Financial Services and Sanlam. Before the transaction, Santam held 24% of Indwe, while ARC Financial Services owned 51% and Sanlam held 25%. The transaction makes Indwe a wholly owned subsidiary of Santam and […]
