Smart Beta – Is it really all it is beefed up to be?
Smart beta is probably the most overused expression in the world of investment today. The term suggests there are dumb betas since there are smart betas but this is not the case. There are numerous definitions and understandings of smart beta. To start with, smart beta is not an asset class of its own, rather, […]
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 […]
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 […]
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 […]
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 […]
Financial Intelligence Reports – FIC clarifies its role in PP finding
The Financial Intelligence Centre (FIC) recently had several queries from the media about whether it had acted lawfully in providing certain information to the Office of the Public Protector. “The FIC generally does not comment on the assistance it provides to specific institutions which, by law, it is obliged to assist. Whilst the FIC also […]
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 & […]
Material misrepresentation and material non-disclosure at sales stage
In more than two thirds of the Ombudsman for Short-term Insurance’s (OSTI) finalised complaints in 2018, consumers were dissatisfied with the insurer’s decision on a claim. In its Annual Report the Ombud reported that the majority of these complaints, at 36%, related to the rejection of a claim on the basis of an exclusion or […]
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 […]
Global Wealth Report – Gross financial assets of SA households declining
For the first time since the 2008 crisis, the wealth of households declined globally amid political uncertainties and fears of trade wars, according to the latest Allianz Global Wealth Report. The report shows that it is not only savers in poorer countries that felt the brunt of escalating trade conflicts and rising political uncertainties. Households […]