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Premium collection by intermediaries – Compliance deadline extended

The FSCA has extended the period of compliance for collection of premiums by intermediaries, specifically the requirement for a separate bank account to only contain premiums, from 28 September 2019 until 1 February 2020. Paull Lawrence from Moonstone Compliance points out that this is largely due to the retail market where insurance is ancillary to the commercial contract and […]

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GEPF – Rules changed regarding pension debt on divorce

Following the gazetting of the Government Employees Pension Law Amendment Bill on 23 May 2019, the Government Employees Pension Fund (GEPF) has amended and implemented the new rules and will no longer subject a member to a debt model in executing a divorce settlement. Instead the new amendment provides for the reduction of pensionable service […]

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Criminals now use digital technology to commit crime

In a recent media release, SABRIC, the South African Banking Risk Information Centre, on behalf of the banking industry informed bank customers about a scam known as ‘Business Email Compromise’ (BEC) where criminals literally ‘steal money by asking for it’. This scam targets specific employees in organisations who are authorised to transfer funds or make […]

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Car hijackings – Who should be more careful?

According to latest statistics, vehicle owners in Gauteng and KwaZulu Natal face the highest probability of being carjacked or having their vehicle stolen, while those in the Northern Cape, Free State and Limpopo appear to be at the lowest statistical risk. These statistics are based on an analysis from AI-driven car insurance provider, Naked, which […]

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Credit Act – Very limited opportunity to engage on possible reviews

LegalBrief recently shared that comment is required by 27 September on a discussion document emerging from a routine mandatory assessment of National Credit Act regulations and identifying several possibly requiring amendment. According to LegalBrief the comment document was released on 19 September 2019 and seeks to create an informal platform for the Department of Trade & […]

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Top Brands 2019 – How did the financial brands do?

While Samsung and Koo are SA’s overall favourite brands, how did the financial services brands do in the TopBrands Survey? This survey, conducted by Kantar on behalf of Tiso Blackstar Group and the Sunday Times, is considered the leading barometer of consumer sentiment towards brands in the country. “With twenty-one years of the Sunday Times […]

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