Corporate Social Investment – A missed opportunity to create shared value
According to a global study of nearly 30 000 respondents by Accenture Strategy, 62 percent of consumers said they would pay more – or even accept a product of lower quality – should the brand represent ethical values and demonstrate authenticity in all its actions. Speaking after the launch of a nationwide grassroots tennis development initiative […]
Financial Services Tribunal – New premises and new rules
Background of the Tribunal The Financial Sector Regulation Act 9 of 2017 establishes the independent Financial Services Tribunal in terms of section 219 thereof. The Tribunal replaced the FSB Appeal Board and came into effect on 1 April 2018. Upon application by aggrieved persons, the Tribunal reconsiders decisions of decision-makers as defined in terms of section 218 of […]
South African Labour stats – Sharp rise in unemployment rate
The unemployment rate increased from 27,6% in the first quarter of 2019 to 29,0% in the second quarter of 2019. This is as a result of an increase of 455 000 in the number of people who are unemployed and an increase of 21 000 in employment. These alarming results were released earlier this week by Statistics […]
Homeowner’s insurance – Beware of wear and tear
In 2018, 58% of complaints considered by the Ombud for Short Term Insurance (OSTI) under homeowner’s insurance related to claims for damage caused by acts of nature. These claims relate primarily to storm related loss. According to Ayanda Mazwi, a senior assistant Ombud, the primary cause for complaint, at 48%, was the rejection of claims […]
Old Mutual Savings and Investment Monitor – Painting a brim picture of South Africans’ money matters
“Tracking trends provides valuable insights into the current and future financial services needs of our customers.” This is one of the objectives of the Old Mutual Savings & Investment Monitor, an annual study that is released to support the national drive to strengthen South Africa’s savings culture. The inaugural measure was taken in 2009 and […]
Retirement – Guide your client to retire comfortably
Most South Africans can’t afford to retire. The fact is that the majority rely heavily on income from a salary because their pension income is insufficient to support them. According to the 2019 Old Mutual Savings and Investment Monitor, a large number of South Africans earning at least R15 000 a month were delaying retirement because […]
Allan Gray Investment Summit – Why should SA investors fall out of love with Equities
South Africa’s equity market capitalisation equates to more than 200% of the country’s gross domestic product (GDP), the highest proportion in the world and a level that is simply not sustainable. This is the view of Stanlib’s Chief Economist, Kevin Lings, who was one of the guest speakers at the Allan Gray Investment Summit 2019 […]
Car-jamming – Three ways to keep safe
According to South Africa’s crime statistics, South Africa has a serious car hijacking problem. It was recently reported that a total of 16 325 cars were carjacked between 2017 and 2018 – a minimal decline from the 16 717 reported car theft incidents in 2016. Marius Steyn, underwriting manager at Santam recently shared that car-jamming also continues […]
Joint Standard on F&P requirements for significant owners – Second round of public consultation
This week the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA) jointly published a proposed Joint Standard on fit and proper requirements for significant owners of financial institutions in terms of section 159 read with sections 105, 106 and 107 of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) (FSRA), […]
Retail or market value – Make sure your client understands the T&Cs
Insuring a vehicle can be an easy process. In South Africa we have many options available. We are overwhelmed by advertisements by different brands trying to win over the market. In many cases however, the reality of insurance only hits home at claim stage when a consumer realises that his claim value is less than […]