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Tag Archives | Covid-19

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COVID-19 business requirements – Don’t let level 2 lull you into a false sense of security

Various media reports in the last few days highlighted that a growing number of businesses are not taking the necessary steps to minimise COVID-19 risk and exposure in their workplaces and as a result are being penalised. While companies are required to ensure strict adherence to the various Acts and COVID-19 regulations, many are still […]

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Debt levels and Covid-19 – Is the worst yet to come?

DebtBusters’ latest debt index for Q2 2020 reveals that South African consumers’ debt levels continued to deteriorate over the lockdown, with higher-income earners having unsustainable debt-to-income ratios. Benay Sager, DebtBusters’ chief operating officer, says that net incomes have declined in real terms and consumers are supplementing this by borrowing heavily, especially using unsecured loans. Ask […]

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Fintech Vision for South Africa – Progress update and Covid-19 impact

Earlier this year, the Intergovernmental Fintech Working Group (IFWG) Innovation Hub was launched to respond to changes in the financial sector driven by financial technology (fintech) and to promote responsible innovation in the sector. One of the recent deliverables of IFWG is a document that provides a forward looking, high-level vision for South Africa’s Fintech […]

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businesses

COVID-19 impact – Extension granted for certain compliance requirements

In response to the impact of COVID-19 and the nationwide lockdown on South Africa in general, and the financial services industry specifically, the Financial Sector Conduct Authority (FSCA)announced various extensions. These include the Financial Markets Act as well as Conduct of Business returns. Financial Markets Act of 2012 FSCA Communication 40 OF 2020 (FM) states […]

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Joint Communication 7 of 2020 – Amended COVID-19 precautionary measures for intermediaries

The Joint Directive issued by the Authorities on 9 April 2020 under Alert Level 5 was withdrawn and replaced with Joint Communication 7, which sets out how financial institutions must comply with the Occupational Health and Safety Directives, issued by the Minister of Employment and Labour, in terms of the Regulations regarding the precautionary measure in workplaces. Greater responsibility is […]

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covi-19

COVID-19 – New PMB guidelines for medical aids

The Council for Medical Schemes recently published PMB definition guideline: COVID-19 v3, a guideline that clarifies PMB entitlements of medical scheme beneficiaries within the context of the pandemic, ensuring that there is uniform interpretation amongst all stakeholders. It further sets out recommendations for the screening, diagnosis, treatment and care of individuals with suspected and confirmed […]

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Fianancial-remedies

COVID-19 financial remedies – Negative impact on the financial services industry

Most insurers have implemented measures to assist clients who may struggle to pay their monthly premiums. These include premium holidays, discounts and deferrals of rate increases. How will these impact insurers financially? In a recent media report, financial services group Liberty Life warns that the impact of the coronavirus pandemic and lockdown will have a […]

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