The Authority says the penalties reflect the financial benefit gained from unlawful conduct and the harm to clients – handing 30-year debarments to several Banxso executives.
The Financial Intermediaries Association of Southern Africa (FIA) and Santam have partnered to launch the FIA Transformation Initiative, a campaign focused on accelerating transformation in the South African intermediary space. Santam has been […]
Bert Lance, the Director of the Office of Management and Budget in Jimmy Carter’s 1977 administration, is attributed with coining this phrase. Bad grammar apart, he believed he could save Uncle Sam billions […]
Bert Lance, the Director of the Office of Management and Budget in Jimmy Carter’s 1977 administration, is attributed with coining this phrase. Bad grammar apart, he believed he could save Uncle Sam billions […]
The Manasse decision by the Financial Sector Tribunal again underlines just how important compliance with Section 14 of the FAIS Act is. In particular, it requires that a debarment process must be lawful, […]
The Manasse decision by the Financial Sector Tribunal again underlines just how important compliance with Section 14 of the FAIS Act is. In particular, it requires that a debarment process must be lawful, […]
A recent application for reconsideration of a debarment by the Financial Sector Tribunal evoked a number of interesting questions, including ones on responsibility and accountability for transgressions. Background Ms M was charged with […]
How will insurers treat motor vehicle claims where the insured person’s driver’s licence has expired after 31 August 2021? The South African Insurance Association (SAIA) says that drivers can take comfort in the […]
Tax Consulting SA reports that SARS is clamping down hard on those who have outstanding tax returns. This includes those who have left the country without ensuring that their affairs with the Receiver […]
In a media release, the Association for Savings and Investment South Africa (ASISA) and its members expressed support for meaningful changes to the current retirement system that are aimed at strengthening preservation of […]
On Thursday, we focused on fraud in the funeral cover space. Today we look at how this manifested in Death, Disability, Hospital cash plans and Retrenchment cover space. South African life insurers reported […]
An article published on the My Broadband website shares some rather startling figures on the consequences when hackers manage to gain access to your data. The researchers identified several trends among South African […]
Please bear in mind that the levies for FSPs are calculated based on the KIs/Reps approved/appointed on 31 August. A in the calculation is indicated as being: It is therefore imperative that all […]
According to Moneyweb, the South African Special Risks Insurance Association (Sasria) expects claims related to the unrest in July to amount to R20 billion, with 10% of the amount to be paid out […]
South African life insurers reported a 12% increase in fraudulent and dishonest claims across all lines of risk business in 2020, with a monetary increase of over R50 million. Some of the examples […]
The rather surprising decision by ABSA to close the biggest money market fund in the country had quite an impact on the latest data published by ASISA last week. The local Collective Investment […]
The Financial Sector Conduct Authority (FSCA) has expressed its concern about high premium increases that are being implemented by insurers on funeral policies throughout the industry. While it is aware of the impact […]
Patrick Cairns published an interesting article in Citywire’s weekly roundup based on the latest ASISA statistics as at the end of June. Titled Ninety One overtakes Allan Gray as SA’s largest CIS manager, […]
