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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.

The financial services sector was left dumbstruck at the end of 2017 when Steinhoff, one of the darlings of the JSE, capitulated following revelations that the company misrepresented its financial statements.

Steinhoff has been under investigation ever since. On 5 September, the Financial Sector Conduct Authority (FSCA) revealed that it imposed a massive R1,5 billion administrative fine on the company. However, because of mitigating factors, Steinhoff will only have to pay R53 million. 

This will no doubt leave many unanswered questions. FAnews spoke to Brandon Topham, Divisional Executive for I...

Many headlines have covered the huge cost of cancer treatments in South Africa. ‘Hidden costs’ can add up as well – for example, costs associated with lifestyle changes, employing a carer for you and your children and transport to treatment centres. That’s where a cancer benefit can play a big role in helping to ease financial distress. It is important to choose the right benefit for you. Comparing ‘apples with apples’ isn’t always easy, so consulting a trusted intermediary is the best starting point.  

Nonkululeko Zungu, Product Support Consultant for Sanlam Individual Life, explains that ca...

A recent ruling by the Long Term Insurance Ombudsman has highlighted the need to understand the terms and conditions that apply to fixed-term contractors not covered by group disability income policies.

In the case in point the employer had affected a group disability income policy of this nature which was intended to cover only permanent employees. However, unbeknown to the insurer, the employer paid over premiums under the policy in respect of fixed-term contractors as well. When one of the contractors became disabled the claim was declined by the insurer. Why? Because the policy specifically...

September 27, 2019

Brokers in Cape Town, Johannesburg and Durban, were asked at a recent Sanlam Broker Summit how future ready they felt regarding how new technology can help grow their business and its effect on the future of financial planning. More than 50% of intermediaries felt that they were likely to try new digital onboarding platforms with clients.

When asked whether they were concerned about their futures in financial planning given the rise of digital developments, most said they were concerned, but hopeful. However, some indicated real concerns about the profession’s sustainability.

The theme for the c...

We live in a world of rapid change. By next year, every single person on earth will create 1.7 MB per data every second of the day. We’ll conduct 40 000 online search queries every second, using the more than 50 billion smart devices in use around the world. Just in 2017, in fact, more data was collected by humankind than in the previous 5 000 years of civilisation. Technology is creating a revolution, before our eyes.

Yet, the insurance industry is lagging behind. In a recent article, The Economist warned that the “future of life insurance is happening without insurance firms”; that the s...

September 25, 2019

The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services business with with Rivoltare. Rivoltare 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 Rivoltare, owned by Mr Sandile Shezi, promises members of the public that they can make money “without clicking a button” and trade on their behalf. Members of the public are required to pay $500 joining fee.

Rivoltare is neither an authorised Financial Services Provid...

September 25, 2019

The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services business with Palime Group (Pty) Ltd trading as MZP Markets. MZP Markets 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 MZP Markets is rendering financial advice and intermediary services to members of the public by offering short-term and long-term investments, as well as Forex. MZP Markets is conducting unregistered financial services business without...

September 25, 2019

The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services business with Dare Markets. Dare Markets is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice and intermediary services.

Dare Markets website, www.daremarkets.com, states that “Dare Markets (Pty) Ltd is authorised by the Financial Service Board (FSB) in South Africa as a Financial Service Provider (FSP) with authorisation number 17492”.

This is incorrect as Dare Markets is neither an authorised Financial Services Provide...

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