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As a central knowledge portal to the retirement and related industries, EBnet publishes a range of daily articles submitted by a range of industry organisations, experts and contributors. Readers can also comment on and contribute to articles.

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Sanlam wins FIA Product Supplier of the Year

Sanlam has been named the 2018 Financial Intermediaries Association of Southern Africa’s (FIA) Employee Benefits Product Supplier of the Year. These awards take place to celebrate the role of advice, acknowledge the product providers who, in the opinion of the members of the FIA, have excelled over the past year in supplying exceptional products and service delivery, The FIA awards provide financial intermediaries the opportunity to recognise product suppliers that consistently deliver exceptional value to clients. Dawie de Villiers, Chief Executive Officer of Sanlam Employee Benefits, said that the company’s culture and business model is focussed on addressing changing client needs in partn

Existing pension rules apply until new regulations are in force, says PFA

Government’s recent default regulations applicable to the pension funds industry will ensure that members are better informed about their decisions at retirement, said Muvhango Lukhaimane, the Pension Funds Adjudicator. She said once fully implemented, the regulations will require that pension funds ensure that an explanation is given to a member in “understandable language” about the risks and costs of electing a one-third lumpsum benefit with a guaranteed period and a spouse’s pension. Ms Lukhaimane was commenting in a determination she issued following a complaint that Sentinel Retirement Fund (respondent) had refused to pay a lumpsum retirement benefit. The default regulations to the Pen

FSCA warns the public against Xchange Share Tracking and Trading (Pty) Ltd & DSB Brokers / DSB S

The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Xchange Share Tracking and Trading and/or DSB Brokers / DSB Securities Ltd which are not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS Act”), to render any financial advice and intermediary services. It was brought to the attention the FSCA that the aforementioned entities were purporting to be authorised financial services providers who provide various money market facilities on the Johannesburg Stock Exchange. It has further been brought to the attention of the FSCA that the entities were soliciting money from the members of the public under false

SA could get to a growth rate of 3.7% or more

“We should put behind us the era of diminishing trust in public institutions and weakened confidence in leaders,” was a key statement to come out of President Ramaphosa's State of the Nation address earlier this year. Statements such as this show that President Ramaphosa is clearly keenly aware of the issues facing South Africa, and appears to be sensitive to the challenges ahead. During his first address as State President, he spoke of a necessary collaboration between business and labour, the need to ensure economic growth, and a requirement to encourage significant new investment. In addition, he indicated that some tough love was needed to close the fiscal gap, stabilise debt and restore

Lebashe Investment Group: Media Statement

It has been brought to our attention that the UDM leader, Mr. Bantu Holomisa has written a letter to the President of the Republic, His Excellency Cyril Ramaphosa alleging an untoward relationship between Harith General Partners and Lebashe Investment Group with the PIC. Mr. Holomisa’s letter is riddled with untruths and innuendoes that seek to maliciously besmirch the corporate reputations of our clients, Harith and Lebashe in exchange for cheap political points. We have attached herewith our comprehensive rebuttal of the allegations by Mr. Holomisa as well as a copy of the letter that has been sent to the office of the President of the Republic, clarifying our position in this matter. Warr

On 26 June 2018, we celebrated the primary listing of Old Mutual Limited in its home continent, Afri

This is a big moment for our business. We are very proud of our deep African roots and our strong reputation spans 173 years. We see this remarkable moment in our history as an extraordinary opportunity to demonstrate our commitment to the stability and prosperity of this continent. Our deep, long-standing commitment to making a positive impact in the communities and countries where we operate remains a priority, together with our quest to champion financial inclusion, education and responsible investment. Exciting opportunities lie ahead for us as an independently listed business and we look forward to delivering sustainable profit growth and returns for our shareholders, and making positiv

Millennial Saving and Spending Habits

Over the last decade, marketing companies, advertising agents and retailers have been struggling to understand millennial saving and spending habits. This generation, also known as Gen Y (born between 1977 and 1995) has been labelled as lazy and narcissistic on the one hand, and as a tech savvy generation that will shape the future on the other hand. Unlike previous generations, generation Y has formulated very different attitudes towards their jobs, careers, skills development, social interaction, financial security and asset accumulation. Most believe that this is due to the rapid advancement of technology and its impact on our everyday life, however in South Africa the individualized hist

Adopt long-term thinking to ensure you always live your best life

There is a financial metric that says 50% of your money should be for living expenses, 30% should be spent on the things that provide you with enjoyment and fulfilment, and the remaining 20% should be allocated to savings. If you are a Millennial, or a GenX, you may think retirement is a long way off. However, this is an opportunity to make sure you are on the right track when it comes to saving enough to maintain your lifestyle beyond the end of your working life. Sadly, economists estimate that less than 10% of South Africans will be able to uphold their current standard of living after they retire. And the reality is that if you fail to save enough, you may become a burden to your family,

Comparison of retirement fund costs – challenges faced by decision-makers

Without standardised disclosure measures the layering of fees and costs has made it very difficult for employers and trustees to make accurate comparison of costs of retirement solutions. However, the new ASISA standard on disclosure of fees for retirement funds is set to change this, prompting better transparency across the entire retirement industry. Quaniet Richards, Head of Institutional at Nedgroup Investments, explains that the new ASISA Retirement Savings Costs Disclosure Standard that will require retirement charges to be reflected across four separate components over various investment periods: investment management charges; advice charges; administration charges; and ‘other charges

Good governance key to health of pension funds

Good governance is key to the well-being of the retirement funds industry, says the Pension Funds Adjudicator, Muvhango Lukhaimane. Addressing the winter conference of the Batseta Council of Retirement Funds for South Africa in Durban, Lukhaimane said in the light of recent reforms with much stronger regulation and supervision, compliance was not enough. “The technocrats have put in place new rules of the game. However, it is no longer only about compliance. “It is about the decision-making process and the implementation of those decisions. It is about governance,” she said. Batseta is a non-profit organisation that looks after the interests of Principal Officers, trustees and fund fiduciari

Latest developments: National Health Insurance Bill

Last week, Health Minister Dr Aaron Motsoaledi convened a media briefing to discuss the release of the highly anticipated National Health Insurance Bill (NHI Bill), which has been approved by the South African Cabinet. The Ministry of Health anticipates a "hurricane" of "frenzy" and comment in respect of the NHI Bill, in terms of which interested persons are invited to submit comments within three months of the date of publication. The aim of the NHI scheme is to establish a "single-payer" and "single-purchaser" fund, for the entire South African population. As detailed by the Health Minister during the media briefing, only some 10% of the South African population is currently able to affo

Ignoring sustainable development will come at a price for investors

Investors can no longer afford to view sustainable investing as a nice-to-have afterthought, with sustainable economic growth having become the primary source of financial return. It is therefore crucial for all participants in the financial ecosystem (asset owners, asset managers and issuers) to play a proactive and coherent role in creating long-term sustainable outcomes for all stakeholders. Ultimately, industry and government leaders have a responsibility to engage in precompetitive collaboration to address issues concerning the creation of a sustainable economy. This is according to Khaya Gobodo, Managing Director of Old Mutual Investment Group, who, while speaking at the Batseta Winter

A wakeup call

Liberty recently shared the news that its IT systems were targeted by hackers who had taken the company’s data and demanded payment. Experts question security measures Cyber security experts have questioned why the financial institution did not have appropriate security measures in place. Andrew Chester, Managing Director of Ukuvuma Cyber Security, for example, asked a few critical questions because he finds it alarming that hackers could extract data undetected. “Why did Liberty have unstructured email data and attachments that were left unmonitored and more importantly, why was this sensitive data not encrypted. When doing threat hunting or a security analysis for any company, the first th

FPI CEO placed on special leave

Following the recent suspension of regulatory examinations (REs) administered by the Financial Planning Institute (FPI), as well as allegations of mismanagement, the Board has reached an agreement with the CEO, Mr Godfrey Nti, that he be placed on special leave pending the outcome of a full investigation into the above matters. The Board will take all reasonable steps available at its disposal to ensure that the allegations are properly investigated and that all action considered to be appropriate, depending on the outcome of the investigation, is taken. It must be emphasised that Mr. Nti has not been found guilty of any wrong doing and is innocent until proven otherwise. The Board’s action

A winning strategy for a difficult task

FAnews attended the Sanlam Benchmark Survey where there was a major focus on Millennials and the way their influence is growing within the financial services industry. We also attended an event which was hosted by FMI where the key note speaker gave his views on how advisers can engage with clients over social media. The picture that was painted during these events was that dealing with Millennials can become very tricky for some advisers. How do they feel about this? FAnews spoke to Kobus Kleyn, a CFP and Director at Kainos Financial Services to find out his views on dealing with this emerging customer base. Needy, obsessed, no plan One of the statements made during the events that I attend

Life insurers paid 99.3% of underwritten life policy death claims worth R14.4 billion last year

Life insurers paid 99.3% of all claims against fully underwritten life policies last year, resulting in benefit payments of R14.4 billion to beneficiaries following the death of a loved one. Fully underwritten life policies are only issued if the policyholder has completed a full underwriting process, which involves a comprehensive assessment of the life insured’s health and medical history. The 2017 annual death claim benefit statistics for fully underwritten policies released this week by the Association for Savings and Investment South Africa (ASISA) reveal that life insurers paid 34 100 death benefit claims, while only 238 claims to a value of R318.8 million were declined. Hennie de Vill

Glacier by Sanlam appoints Head of Client Services

Natashja Terblanche has been appointed Head of Client Services at Glacier by Sanlam with effect from 1 June 2018. She will look after the whole of Client Services, including the Communication Centre, the Investment Administration team and the Operations team. She was previously the Head of Operations at Glacier, and has worked in the financial services industry for over 24 years. Natashja joined Sanlam in 1994 in a temporary position as a data-capturer, but very quickly was offered a permanent position as an administration consultant. By the age of 22 years old she led her first team. While permanently employed she completed a BCom (Law) degree through UNISA. Natashja is passionate about

Financial literacy at work for the poor. Bring on greater dignity and bigger markets.

There are two contrasting perceptions of SA, rarely to mix. They’re as distinct as oil from water. One is in the quagmire of crime, corruption, unemployment and unsatisfied expectations in an environment of economic shrinkage. In political speak, racism stereotypically intrudes. Dominating airtime, it’s the stuff of depression. The other is its polar opposite, of South Africans harmoniously progressing across the lines of class and colour. Because it happens in the ordinary course of daily lives, it usually grabs attention only on the occurrence of an exceptional event; no better example suffices than the new-look Springbok rugby team. This is the stuff of inspiration. Yet there are myriad o

A new playing field with the introduction of the FSCA

Following a seven-year planning process, the Financial Sector Conduct Authority (FSCA) was finally launched in June 2018. This was the culmination of a long journey that regulatory authorities undertook to design appropriate rules and regulations that would govern the industry. However, there are still questions that need to be answered before a complete understanding of how life will be under the regulation of the FSCA is reached. On 6 June, we published a newsletter that mainly focussed on the licencing element of the new regime. However, the industry’s questions were not limited to this. Setting the scene One of the key pieces of legislation under the Twin Peaks regime is the Financial Se

Sanlam Investments market review: May 2018

The US economy continues to steer towards 2% inflation as the trade war temporarily ceases. Following the local and international displeasure voiced over the hikes in American trade tariffs, US Treasury Secretary Steven Mnuchin announced a consensus has been reached with China to reduce trade tariffs. This helped the Fed maintain the federal funds target rate at 1.5-1.75%. However, oil prices are surging in the wake of Trump removing the US from the Iran nuclear deal. The European economy continues towards an estimated 2.3% growth in GDP for 2018, with inflation reaching a year high of 1.9% amid political uneasiness. Italy’s chances of an early election increased after the president vetoed t

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