Medical Schemes
– Adjustment of broker fees The Council for Medical Schemes published Circular 4 of 2019 containing the details of the increase in broker fees. Regulation 28(2) published in terms of the Medical Schemes Act, now effectively reads as follows: “Subject to sub-regulation (3), the maximum amount payable to a broker by a medical scheme in […]
Raging Bull Awards
– And the winners are… The fund performance “Oscars” in the unit trust industry have just been announced. The winners are determined on the basis of risk-adjusted performance, which take into account the consistency of performance over periods up to five years. This year’s event, hosted by Personal Finance in association with Vunani, ProfileData and […]
Section 12J tax incentive
– 12 of the most common questions investors ask “Many South Africans are currently considering whether to reduce their February tax liability by taking advantage of the Section 12J tax deduction. For every R100 invested in a Section 12J company an investor (individuals, companies and trusts) can reduce their tax by up to R45 making the net […]
Financial Tribunal outcome
– The right to state your case is not negotiable Audi alteram partem (or audiatur et altera pars) is a Latin phrase meaning “listen to the other side”, or “let the other side be heard as well”. It is the principle that no person should be judged without a fair hearing in which each party […]
Rise in data breaches
– Affects banking safety On Monday it was World Data Privacy Day – a day which aimed to highlight that millions of people worldwide are unaware of how their personal information is being used, collected or shared in an increasingly digital society. ABSA bank mentioned in a FIN24 article that banking fraud is on the […]
Insuring a student’s valuables
– Tips for your clients This week many universities and colleges re-opened and many students headed back to campus. Marius Neethling, Underwriting Manager for Santam’s Personal Lines recently shared some expert advice on how parents should ensure that their children’s valuable are kept safe while they are they are on campus. Students carry contents worth […]
Moonstone’s Compliance Officer Occupational Certificate
– Equip yourself with expert skills and practical experience Have you ever considered becoming a compliance officer? Now it is possible. Compliance Officers generally provide compliance services to the management of a company, to assist them in discharging their responsibilities in complying with various regulatory as well as legislative requirements. The Moonstone Business School of […]
Misrepresentation on proposal form
– Impact on insurer’s risk assessment Detail in recording risks is critical at the inception of any insurance proposal as this may impact on a number of areas, including future claims under such a contract. This is what Mr M learnt when he submitted a vehicle claim in 2016. The final 2018 edition of the […]
FS Tribunal rules on late withdrawal of appeal
The introduction of the Financial Services Tribunal (FST) created a platform for the reconsideration of decisions by any decision-maker in the financial services sector. With the establishment of the Tribunal the prediction was that there would be an influx of cases to be reconsidered. This prediction is true if we look at the increase in […]
Proposals for cryptocurrency regulation
Members of the public and impacted stakeholders have until 15 February 2019 to make submissions on policy and regulatory proposals for crypto assets. The Financial Intelligence Centre (FIC), Financial Sector Conduct Authority (FSCA), National Treasury (NT), South African Revenue Service (SARS) and the South African Reserve Bank (SARB) recently released a consultation paper on crypto […]