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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 […]

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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 […]

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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 […]

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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 […]

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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), […]

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