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Naresh Tulsie appointed the new FAIS Ombudsman

Published: Thu, 26 Apr 18

Naresh Suresh Tulsie has been appointed as the new Ombud for Financial Advisory and Intermediary Services (FAIS) effective 1 May 2018. Mr Tulsie will be taking over from Ms Noluntu Bam, who has been with the FAIS Ombud since 2003 and assumed responsibility as Ombud since 2010. Ms Bam’s contract with the Board ...
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Absa Appoints New Head of Insurance

Published: Thu, 26 Apr 18

      Dushen Naidoo, Managing Executive Absa pan-African Insurance businesses             Following the unveiling of a new group strategy on March 1, Absa’s Wealth, Investment Management and Insurance (WIMI) division is pleased ...
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Retrenchment is a stark reality for South African income earners

Published: Wed, 25 Apr 18

As we commemorate Workers' Day on 1 May, we recognise the efforts made by the trade unions who advocated for the rights of South African employees and better working conditions. Even though this holiday is celebrated across the world, here at home it is a reminder of our South African spirit, and the hurdles we've ...
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Sanlam paid out 99% of death claims in 2017

Published: Wed, 25 Apr 18

South Africa: In its 99th year of existence, Sanlam paid out more than 99% of all death claims received in 2017. The South African insurer which has dedicated its centenary year to a changing lives for generations to come, paid out claims to the value of R3 622. Out of this 82% was paid for life cover, 10% for income ...
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Lack of financial knowledge is a threat to lasting change for students

Published: Thu, 19 Apr 18

The introduction of free tertiary education has been hailed by many as an important step towards South Africa’s overall economic transformation. But low levels of financial literacy amongst students could represent a serious barrier towards achieving lasting change. In an international study of 30 ...
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Success is better, shared - PPS allocates R3.7 billion in profits to members in 2017

Published: Wed, 18 Apr 18

Built on the ethos of mutuality, PPS, a financial services company focused exclusively on graduate professionals, showed a strong performance in the 2017 financial year, allocating R3. 7 billion in profits to its members. 7 billion allocated to their unique Profit-Share Accounts, further reinforcing our passion for ...
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Liberty pays over R4.46 billion in valid claims in 2017

Published: Tue, 17 Apr 18

Johannesburg: Liberty, South Africa's largest writer of new risk business between 2002 and 2017, paid R4. 46 billion in valid claims in 2017. Every year Liberty releases statistics on what has been paid out to risk policyholders to help financial advisers and clients to better plan for their futures and effectively ...
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Investec Life achieves R1-billion in cover in under six months

Published: Tue, 17 Apr 18

The rapid uptake also validates the disruptive, yet personalised and efficient Investec Life approach, and gives an indication of where insurance is headed in the future Investec Life has issued cover to the value of R1-billion in the six months since its launch in 2017. The cover, comprising life, income-protection, ...
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Where there’s no will there’s little way

Published: Thu, 12 Apr 18

Guitar guru Jimi Hendrix’s death in 1970 led to 30-years’ worth of bitter court battles. Bob Marley’s estate which was valued at USD 130-million[1] was dissolved intestate, when in 1981 the reggae singer lost his battle with cancer. In both cases, sizeable estates were left without instruction ...
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Bye bye FSB, hello FSCA

Published: Thu, 12 Apr 18

​By Shayne Krige, direct and head of investments funds at Werksmans Attorneys ​   As of 1 April 2018, there is a new sheriff for the South African financial services sector. The Financial Services Board (FSB) has been replaced by the Financial Sector Conduct Authority (FSCA). Here are five ...
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New Twin Peaks Regulators Established

Published: Wed, 11 Apr 18

By National Treasury On 1 April 2018, South Africa’s financial regulatory system will fundamentally change, as two new regulators come into operation - the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA). This implements a new Twin Peaks model of financial sector regulation in ...
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National Treasury: The launch of Twin Peaks

Published: Tue, 10 Apr 18

Last week, the Minister of Finance, Mr Nhlanhla Nene, launched the two authorities that make up South Africa’s new Twin Peaks system of financial regulation. The launches represent the culmination of a journey of regulatory reform announced in the 2011 policy document, A safer financial sector to serve South ...
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Paper Deaths for Policy Benefits

Published: Tue, 10 Apr 18

Garth de Klerk, CEO The Insurance Crime Bureau www. saicb. co. za   During a search and seizure operation, with the SAPS, a number of stolen “Notice of Death” (BI 21663) books were confiscated from a Funeral Home in Pietermaritzburg. The information gathered in the operation was ...
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Fraudulent claims on the rise

Published: Mon, 09 Apr 18

Tough times tend to elicit desperate behaviour from people. The slow economic growth, coupled with macroeconomic uncertainty, of the past few years have resulted in a marked increase in the amount of insurance fraud being committed in South Africa. According to the South African Insurance Association, local insurance ...
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New Insurtech start-up to save young parents money

Published: Mon, 09 Apr 18

Hero Life to change the face of insurance in South Africa What happens when you put a number crunching CFP® (Certified Financial Planner®), an actuary and an engineer in the same room? They come up with an innovative business solution of course. Comm), and Jacques de Waal BEng (Industrial) joined the world ...
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Twin Peaks to build safer financial sector

Published: Fri, 06 Apr 18

Finance Minister Nhlanhla Nene has launched two authorities that make up South Africa’s new Twin Peaks system of financial regulation, bringing to fruition a regulatory reform announced in 2011. In a statement on Friday, Treasury said the Minister launched the two authorities, namely the Financial Sector Conduct ...
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FSCA invites funeral parlours to registration workshops across the country

Published: Fri, 06 Apr 18

The Financial Sector Conduct Authority (FSCA) would like to bring to the attention of the Funeral Parlours who are not yet authorised as Financial Services Providers (“FSPs”) in terms of the Financial Advisory and Intermediary Services (FAIS) Act that the FAIS Registration department conducts workshops ...
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Financial Services Board takes up new mandate as the Financial Sector Conduct Authority

Published: Thu, 05 Apr 18

The Financial Services Board (FSB) has officially taken up its new mandate as the Financial Sector Conduct Authority (FSCA), effective 1 April 2018. This marks the formal implementation of the Twin Peaks model of financial sector regulation, as envisaged in the Financial Sector Regulation Act 2017 (FSRA). Finance ...
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TCF is needed to win the trust of low income consumers

Published: Thu, 05 Apr 18

The imbalance of knowledge between financial service providers and consumers as well as the requirements for payment long before the value of a service is experienced, means that the insurance industry relies heavily on trust. As new customers enter the financial services market, trust will be essential to secure ...
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Root launches Insurtech platform

Published: Thu, 05 Apr 18

Technology company, Root has announced the launch of Root Insurance, an exciting new platform API that enables software developers to rapidly prototype and launch digital insurance products into the SA market. Root’s API enables software developers, using only code, to easily access insurance licences and the ...
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From The Glossary »

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Yearly Premium:

The premium for a full year’s cover for the specified risk of occurrence. The term is used when calculating an additional premium in an endorsement for the unexpired period of the policy following a change in the nature or extent of the cover.
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