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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.


Collaboration is the key

When it comes to regulatory reform, one of the key aspects underpinning the approach of the Financial Sector Conduct Authority (FSCA) under Twin Peaks is that the regulation of the financial sector is being done using an outcomes-based approach, ensuring that regulation and supervision will be risk-based, proportionate, intensive and intrusive. This could mean anything in the broader scheme of things and brokers have often approached FAnews asking us to engage with the regulator to gain some clarity on these issues. We recently attended a media round table where these issues were discussed. Outcomes based In the past, the approach to the regulation and supervision of the industry was often r

Challenging conventional thinking

On 18 September financial advisers gathered at the Sandton Convention Centre for Alexander Forbes Investment’s 2018 IFA Symposium.Designed to grow sustainable practices, financial advisers engaged with international headline speakers, economists and thought leaders around topics that challenged conventional thinking. The financial adviser of the future In the opening speech an important message was shared, “The financial planning industry is at tipping point. It is at a tipping point because South Africans need help. We are here to support financial advisers to challenge conventional thinking, to help advisers achieve better outcomes.” “We are seeing a different demographic and things need t

Health is the Real Wealth

Let’s be honest — many of us harbour a secret fantasy of living forever. If we could stay healthy and function intellectually, endless life would allow us to share in succeeding generations’ joys, witness unfathomable technologies, and assess whether our lives made a lasting impact on the future. Even shy of immortality, a longer life seems desirable, if it can be lived well and if we could afford it. Today’s retirees can expect to spend more years in retirement than the entire lifetime of people living a few centuries ago. To borrow from a recent MoneyWeb article by Patrick Cairns… For your grandparents, a ‘ripe old age’ might have been 85. For your parents, it could be 100. For you, it may

Judgment shows fundamental shift in how SA law views cannabis and its social utility

The Constitutional Court judgement in Minister of Justice and Constitutional Development and Others v Prince; National Director of Public Prosecutions and Others v Rubin; National Director of Public Prosecutions and Others v Acton and Others [2018] ZACC 30, handed down on 18 September 2018, paves the way for legislative change in respect of the use of cannabis by an adult in private. The judgement, fundamentally, has two effects; the first is to read-in various provisions, prescribed by the Constitutional Court, into the Medicines & Related Substances Act No. 101 of 1965, as amended, and the Drugs and Drug Trafficking Act No. 140 of 1992, respectively, and the second is to require the neces

Alexander Forbes dismisses CEO

Following the dismissal of CEO Andrew Darfoor yesterday, Alexander Forbes shares jumped as much as 8%. The board of Alexander Forbes said it terminated Andrew Darfoor's services due to a "loss of confidence and trust". This follows several months of a high number of staff exits that formed part of a restructuring of the group. In it's SENS announcement on 25 September 2018 8:54, they state the following: "Shareholders are advised that the board has, resulting from a loss of confidence and trust, terminated the services of Mr AA Darfoor as Group Chief Executive and Director of the Company with immediate effect. The Board is prioritising the search for a new Group Chief Executive and is confid

FSCA warns the public against Sisa Cwabisa and Thandeka Magudulela

The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Sisa Cwabisa and Thandeka Magudulela; they purport to be financial services providers. The FSCA received information that Sisa Cwabisa and Thandeka Magudulela are using Stone Wealth Management (PTY) LTD’s FSP number 29494 to run a scam; where they guarantee exceptional returns on small investments and they are using an old promotional video via WhatsApp that was used by Stone Wealth Management (PTY) LTD over 4 years ago. Sisa Cwabisa is an intern at Stone Wealth Management (PTY) LTD and Thandeka Magudulela holds a position that would not empower her to either assist with or initiate the misre

FSCA warns the public against Bull N Bear Investments (Pty) Ltd

The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Bull N Bear Investments (Pty) Ltd. Bull N Bear Investments (Pty) Ltd is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS Act”), to render any financial advice and intermediary services. The FSCA received information that there is a person or persons soliciting funds from people, purporting to act for a company named Bull N Bear Investments (Pty) Ltd. These people assert that they are a registered financial services provider, FSP number 48969 with the FSCA. According to our records there is no authorised financial services provider with FSP number 48

Android's Rise to Smartphone Dominance

Ten years ago, on September 23, 2008, the T-Mobile G1 made its debut, marking the birth hour of Android. More than a year after Apple had released the first iPhone, Android’s debut wasn’t as spectacular and, as opposed to the iPhone, the first Android device still had a physical keyboard. But Google’s open approach to building a mobile platform quickly proved to be successful and it took less than three years for Android to become the number 1 platform in the booming smartphone market. As the following chart illustrates, much of the smartphone market’s exponential growth over the past decade was driven by Android devices, with sales surpassing one billion for the first time in 2014. Accor

International Trends – What UK employee benefits are on the decline and what's on the increase?

15 employee benefits on the decline Thanks to a tightened job market, a number of employers are ramping up benefits in an effort to recruit and retain talent. A number of big companies, including Discover,Walmart, Taco Bell and Kroger, have announced new and enhanced benefits for employees just this year. In fact, according to research from the Society for Human Resource Management, between 2017 and 2018, the prevalence of more than 60 benefits assessed increased compared with just 20 between 2016 and 2017. However, not every employee benefit out there has been there on the rise. A number of offerings have declined in prevalence over the last few years — especially for employers looking to b

Hints when taking out funeral insurance

There are many different kinds of funeral policies. Some are group policies, some are individual policies covering one life or extended families. These policies are sold in many different ways: directly to consumers by insurers, through sales people, or by banks or shops, or through membership of other organisations. Most funeral policies do not have any savings element, but some do. Some policies provide for a funeral service as the benefit. However, the policy must always also provide for a sum of money to be paid as an alternative to the funeral. There are “scams” and illegal operators around. It is important that you deal with trustworthy organisations. Take your time and do not rush int

Worried about your retirement? Keep these 5 important habits in mind

Amidst all the uncertainty created by trade war(s), Brexit negotiations, noise around possible land claims and the fallout from President Trump’s latest Twitter outburst - planning for a comfortable retirement can be scary for investors. However, making impulsive investment decisions based on these current events could have a negative effect on retirement savings. This is the advice of Quaniet Richards, Head of Institutional at Nedgroup Investments, who says history has shown again and again that over time that investors can weather the storm by not losing money in a downturn and by being able to take advantage of the upside when the market turns. “Investors who do not make impulsive decisio

Unlock Financial Freedom and Security

The NBC Umbrella Retirement Fund (NURF) held its 3rd Annual Conference in Parktown on 14 September. NURF caters for the retirement savings of some 21,000 formal sector employees from employers of various sizes from a variety of industry sectors throughout South Africa. “NURF membership is drawn from dichotomous cultural, education and financial backgrounds” said Sithemble Solo, NBC Holdings’ Executive Head for NURF. “The recent spate of publicity around preservation and default annuities, prompted us to settle with ‘Financial Freedom and Security’ as the theme for the conference” he added. The conference’s keynote address was delivered by Tony Mercer, Executive Director of NURF Sponsor, NBC

FSCA warns the public against Fidelity Loan Investment (Pty) Ltd

The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Fidelity Loan Investment (Pty) Ltd. Fidelity Loan Investment (Pty) Ltd is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS Act”), to render any financial advice and intermediary services. The FSCA received information that there is a company named Fidelity Loan Investment (Pty) Ltd which purports to be a Financial Services Provider. Fidelity Loan Investment (Pty) Ltd asserts that it is a registered financial services provider. It is fraudulently using Stanlib’s FSP number 590. Stanlib has confirmed that no relationship exists between them and Fideli

FSCA warns the public against an entity purporting to be Aroon Bhana financial Services CC

The Financial Sector Conduct Authority (FSCA) warns the public to take caution when dealing with an entity or person named Carorline Thomas who purports to represent Aroon Bhana Financial Services. According to information received, a person calling themselves Carorline Thomas on Facebook advertises the provision of financial services to members of the public under the name of Aroon Bhana Financial Services. From the contents of the Facebook page, it seems that the owner or controller thereof is fraudulently attempting to lure the public into depositing funds for untoward and / or unlawful purposes. Aroon Bhana Financial Services CC which is an authorised financial services provider with FSP

FSCA warns the public against Khasoane IMarkets Trading (Pty) Ltd and/or Lisema David Khasoane

The Financial Sector Conduct Authority (FSCA) warns the public against conducting financial services business with Khasoane IMarkets Trading (Pty) Ltd and / or Lisema David Khasoane, purporting to be registered in Maseru, Lesotho. Khasoane IMarkets Trading (Pty) Ltd and/or Lisema David Khasoane are not authorised to render any financial services in South Africa and are not representatives of any authorised financial services provider as required by the Financial Advisory and Intermediary Services (FAIS) Act, 37 of 2002. The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll free number (0800 1

Opening access to SA’s life insurance industry through technology

Despite the existence of top-class local life insurance offerings, South African families remain grossly underinsured. The Association for Savings and Investment South Africa (ASISA) estimates that the country’s 14 million income earners face a combined death and disability insurance shortfall of R28.8 trillion. As a consequence, many South Africans are not adequately securing their family’s futures, whether they are buying their first home or becoming new parents. It is against this backdrop that tech entrepreneur, Jonathan Elcock, launched CompariSure – South Africa’s first independent online life insurance comparison platform – created to address the lack of access to quality financial pr

Interest rate hike unlikely tomorrow

Indications that South Africa’s economy remained weak at the start of the third quarter of this year make it unlikely that the South African Reserve Bank’s (SARB) monetary policy committee will hike interest rates tomorrow (Thursday, 20 Sep). The third quarter saw a slow start as July’s mining output contracted 5.20% and the manufacturing and retail industries reported modest gains. Economists expect the Reserve Bank to cut its GDP growth forecast for this year from 1.20% to 0.60% or 0.70%. The prolonged emerging-market currency crisis, which caused the rand’s fall to its weakest levels in two years, has raised inflationary expectations. Economists have revised their predictions for the firs

Sanlam Group Risk offers new Accident Booster

Sanlam Employee Benefits: Group Risk (SGR) has launched a new benefit that affords employees of group schemes the opportunity to receive their full potential cover in case of an accident. Sanlam provides each group scheme with a medical proof-free limit, so employees on the scheme whose insurance cover is below this limit don’t need to provide medical evidence of good health in order to be insured. However, when an employee’s potential cover exceeds this medical proof- free limit, they’re required to provide medical evidence of good health before they can enjoy the balance of cover that exceeds the medical proof-free limit. ‘Experience has shown that more than 50% of employees whose potentia

SA can't afford to be in transition for much longer

This month South Africa was hit with the news that the country had been in a technical recession for the first half of the year. While the announcement may not have surprised many people, it was nevertheless an unwelcome shock to the overall sentiment towards South Africa. Bear in mind that in the February budget, National Treasury projected GDP growth of 1.5% for 2018. In an environment where Jacob Zuma had just been removed as president and the newly-installed Cyril Ramaphosa was promising a “new dawn”, some commentators were even suggesting this might be conservative. However, many years of economic miss-steps are not easily corrected in the space of a few months. And while Ramaphosa has

Companies forced to find new answers to old technology questions

The potential of technology and innovation to dramatically improve our personal and business lives has been well documented. Each new innovation seems to lead to the next one, creating a world in which we can connect billions of sensors that can inform us of everything from ways to improve productivity in factories to how to improve our personal health. However, innovation is not just about achieving technological breakthroughs. Recent research shows that new business models often matter far more than the technology of a given product, and promising technologies do not bring about improvements unless they are adequately invested in and use cases are evaluated. Richard Firth, CEO of MIP Holdi




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