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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.

January 31, 2018

Pension Funds Adjudicator Muvhango Lukhaimane has read out the riot act to a pension fund and its administrator for failing to willingly provide a response to a complaint.

Ms Lukhaimane has asked the Registrar of Pension Funds to act against the Municipal Employees Pension Fund (first respondent) and Akani Retirement Fund Administrators (second respondent).  

This follows a stern letter received from the complainant’s attorneys decrying the failure by the Adjudicator to subpoena the first and second respondents owing to their continued failure to file a response.

Mr HRA Lubbe who had worked for t...

January 31, 2018

As part of its ongoing commitment to prioritising empowerment as a business goal and national economic necessity, Sanlam’s Employee Benefits (SEB) has partnered with 27four Investment Managers to launch South Africa’s first, black managed, smoothed bonus product. The Progressive Smooth Bonus Fund is managed by 27four Investment Managers and guaranteed by Sanlam.

As South Africa’s only smoothed bonus fund managed by black asset managers, the product was created for progressive clients that value the economic empowerment of black asset management firms and seek smoothing and guarantees in investm...

As compliance becomes more onerous, below are eight pointers to keep in mind this year that could help steer you away from compliance risk in your business.

1. Seek professional support

It never ceases to amaze me that financial services providers pay good money for lawyers and accountants and then head for the bargain basement for a compliance officer to guide them on regulatory compliance. Compliance is a profession and you should seek out a professional for advice. Most are members of the Compliance Institute of South Africa (www.compliancesa.org) and this should be one of your first ports of...

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FIRST WORD
Getting serious on trustee and consumer financial education is the serious institutional money, and measurement, to support it. Now the initiative is mandatory.
 

FINANCIAL SECTOR CODE
In the best sense of the term, ‘radical economic transformation’ acquires real and positive meaning. A profound vision translates to practical action. Mainly the SA banks and life offices will lead it. They’re committed.
 

ANNUAL FINANCIALS
Far too many pension funds are lethargic in submitting their returns. A toughened approach from the Fina...

This year, the meeting of the World Economic Forum (WEF) in Davos is giving emerging economies a much more visible platform. A question arising is whether the path to achieve economic growth and stimulus today should follow the same trajectory as it did historically for more developed economies.

Consider South Africa. Cyril Ramaphosa, will be mounting a very specific campaign at WEF 2018 to rekindle foreign investor confidence in the country. South Africa’s reality is that, politics aside, its future success will be intertwined with the success of its private sector. Addressing issues such as u...

Is it relevant, and what does it mean for the South African investor?

It’s that time of year again where more than 2500 of the world’s top leaders including heads of state, central bankers and representatives from most of the world’s top companies converge on the little town of Davos in Switzerland to share ideas, promote agendas and generally just network. 

Last year, the theme was” responsive and responsible leadership” and it was particularly relevant given the apparent threat to globalisation from a rising tide of populism, nationalism, and protectionism. Brexit, the recent election of Donal...

We recently came across an article by Dr Des Leatt an Education Consultant, on the revised and updated Fit and Proper Requirements from the Registrar of the FSB with the publication of Board Notice 194 of 2017 on 15 December 2017, with variable implementation dates, which we thought would be interesting to share with you.

According to Dr Leatt, this draws to an end a period of nearly three years of public and corporate-wide consultation which our Regulator engaged in. 

A careful and thorough review

“Included in this review and consultative process was a careful and thorough review of the Qua...

January 23, 2018

This issue of the newsletter focuses on the phasing in of the Twin Peaks regulation model, with the aim of highlighting some of the changes or amendments that the new regulatory system will introduce. It (the newsletter) provides clarity on the regulations of the banking sector under the new Financial Services Conduct Authority (FSCA) and explore issues that may arise as the new Financial Sector Regulation Act, which is seen as the foundation of the Twin Peaks model, is implemented. Moreover, FSCA’s plans to be more proactive in its regulation of the banking sector will further be analysed in...

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