The importance of policy wording was underlined again in the UK’s comprehensive High Court analysis of 21 samples in coverage extensions for business-interruption COVID-19 related losses recently. At times the hearing sounded more a semantics class than a court case. Policy wording in terms and conditions have in many other cases also been a bone of […]
The issue of charging interest on initiation fees levied in terms of short-term credit transactions and unsecured credit transactions have long been debated within the credit industry. On the one hand, the industry accepted that it is permitted and on the other hand, the Regulator, through a non-binding guidance note, contended that it is not. […]
August is Women’s Month and, as a result, a lot of media focus fell on female South Africans as a whole – focusing on how, generally, women rely on male counterparts when it comes to “money stuff”. But what about financially independent women? What do their money and investment habits look like? What sets high-net […]
By Joani van Vuuren, Siya Ngcamu and Ilyaas Mayet of Webber Wentzel From the plethora of cases successfully referred to the Financial Services Tribunal for reconsideration of a decision to debar, it is apparent that there exists a general lack of understanding of i) the debarment process and ii) the requirements which must be met […]
Further to previous publications by the Financial Sector Conduct Authority (FSCA) on the problematic issue of Contingent Business Interruption (CBI), the Authority has now published details of its letter to non-life insurers on the matter. The insurers have expressed concerns with regard to “…arbitration proceedings, the ambit of existing court proceedings and rulings and possible […]
The Financial Services Tribunal has just handed down its decision on an application by MET Collective Investments (Pty) Ltd (METCI) for a reconsideration of an order made by the Financial Sector Conduct Authority (FSCA) in September 2019. Originally the FSCA imposed a penalty of R100 million for contraventions of the Collective Investment Schemes Control Act and […]
The phased reopening of South Africa’s economy after COVID-19 lockdown comes with strict requirements. Every business will have to adhere to detailed health and safety protocols to protect their employees, and plans will also have to be put in place for disease surveillance and to prevent infection. Moonstone’s latest product offers peace of mind in […]
In his latest address to the nation, the President said some economic activity will be allowed to resume, subject to extreme precautions to limit community transmission and outbreaks, and some businesses will be allowed to resume operations under specific conditions. Although some restrictions are lifted and, over time, we might move to Phase 1, the long-term […]
Annexure B to the supplementary regulations published in respect of the National Lockdown includes the term “Insurance services” in the list of essential services. This term is unfortunately not defined anywhere further in the regulations or the empowering legislation and that leaves FSPs in the dark about where their services fit in. In the absence […]
A recent determination by the Financial Services Tribunal concerned the PFA’s order to release withdrawal benefits to employees. The employer challenged this decision as it originally withheld the benefits based on a disciplinary inquiry into allegations of soliciting and taking bribes against the two employees. What does the Pension Fund Act say? Section 37D(1)(b) of […]
