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Insurance Fraud – Part of the South African trifle?

Recent announcements by the President and Minister of Finance conveyed the disgust of South African citizens with the rampant plague of theft and fraud permeating the country. A headline in Daily Maverick Citizen on 2 August read: There should be a place in jail for everyone who steals from their own people. But there should be […]

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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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Reintroducing third party insurance – Welcomed by most insurers

About 70% of the approximately 12 million cars on South Africa’s roads are not insured. Insurers have therefore welcomed the government’s proposal, announced in the recent Budget speech, to make third-party insurance compulsory for all vehicle owners in South Africa. In a recent Business Day article insurance company Naked, an artificial intelligence-driven insurance provider, commented that […]

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CIS grows assets to R2.5 trillion – Last quarter shows small net outflow, risk aversion

The Association for Savings and Investment South Africa (ASISA) recently released the Collective Investment Schemes (CIS) industry statistics for the quarter and year ended December 2019. It shows strong net inflows of R123.2 billion for 2019, despite recording a rare quarterly net outflow in the fourth. The statistics further indicates that the local CIS industry held assets […]

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Lack of transformation results in draft guidelines – Steps to address perceived unfair allocation in ST aftermarket

The Competition Commission has recently published draft Guidelines for Competition in the South African Automotive Aftermarket Industry. The aftermarket is the auto industry’s after-sales market and includes vehicle parts, equipment, replacement tires, service repairs, collision repairs and accessories sold after the sale of the original vehicle. Transformation has long been a bone of contention in […]

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