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November 2001
Trading difficult

“Continued strong downward pressure on personal disposable income and increased regulatory constraints, combined with Metropolitan’s relatively poor investment performance in the short term, made for a difficult six month trading period,”...

November 2001
More right advice

This is the second and final part on our summary of the Code of Conduct for Authorised Financial Services Providers, and their Representatives, involved in the Investment Management Business, 2001.
LISP documentation
The relevant...

November 2001
Go general

With continuing market volatility, and particularly that of individual sectors, Liberty says it seems sensible to invest in general equity funds. The risks associated with these funds are much lower than sector-specific funds, as they are...

November 2001
Cost-containment

The Policyholders’ Protection Rules have already been introduced by the FSB to create greater transparency and accountability in the relationship between insurers, intermediaries and consumers. And it is widely expected that by year-end,...

November 2001
ABSA Group

From ABSA Group’s latest results for the year ended 31st March 2001, it was reported that the group earned more from non-interest income than from interest income: R6 408 m compared to R6 220m, for a total operating income of R12 628m. The...

November 2001
Making changes

The Ombudsman for Short-Term insurance appointed its Council at its inaugural meeting on 18th May. Its members comprise representatives from the short-term insurance industry, the Financial Services Board, the Department of Finance & Economic...

November 2001
A right liberty

Millions of account holders are continuing to be plagued by unannounced bank fee increases. Piracy has reached such levels that statements sometimes reflect more bank related transactions than client related ones. The following is based on...

November 2001
Multi mess

Multi-layered South African groups of companies could face a multiplying effect of Capital Gains Tax (CCI) that could prove to be extremely costly, warns Bernard Sacks, tax partner of chartered accountants Moores Rowland South Africa (MRSA). He...

November 2001
Split image

It is imperative that life assurers physically segregate their assets prior to 1st October 2001, ahead of the introduction of Capital Gains Tax (CGT). These assets should then be valued as at that date to allow the company the option of using a...

November 2001
M&F’s specialist unit

M&F’s Specialist Investigation team has investigated some 6565 cases to date. Most investigations undertaken by the unit are triggered by significant variance in the industry and M&F norms in the various claim categories or because a...

November 2001
Unaffordable

Recent research conducted by Old Mutual Healthcare highlights the emergence of a serious affordability issue in the South African private health care industry. If effective measures are not put in place to address this issue, the average person...

November 2001
A knack for business

Metropolitan’s alternative plan to the failed merger deal with Sanlam came to fruition September 21st when New Africa Capital (NAC) was listed on the Johannesburg and Namibian stock exchanges, as the new owner of the group’s diversified financial...

November 2001
Ideal vehicle

Launched in 1970, Liberty Collective investments’ (LCI) Wealthbuilder Fund has recently been ranked first over 30 years, with an annual compound return of 20.97%. This means that if you invested R100 per month over 30 years (R36 000 in total) you...

November 2001
Reforms at the JSE

STRATE stands for Share TRAnsactions Totally Electronic and is a new electronic settlement system for transactions which take place on the Johannesburg Stock Exchange (JSE) and off-market trades, it will bring South Africa in line with...

November 2001
Moral tale

Old Mutual thinks that the JSE’s Small Cap sector could be in for a winning streak, following several years in the doldrums.
Richard Hasson, portfolio manager of Old Mutual Unit Trust’s Small Companies Fund says that on a historic price...

November 2001
Making a plan

The Association of Health Benefit Advisors (AHBA) is to be officially closed down and existing members will join the Financial Planning Institute (FPI) under the health care special interests group, effective October 2001.
In his Chairman’s...

November 2001
Difficult period

Sanlam’s results for the six months to 30th June 2001 reflected a 30% growth in gross operating profit, while life assurance new business grew 15%. Overall the Group achieved an annualised return on equity of 16,9%. Net premium income increased...

November 2001
Improved picture

The natural hazard and fire insurance losses in South Africa with a value greater than R250 000 decreased by nearly 55% during the first six months of 2001, compared to the same period last year.
According to Steffen Gilbert, managing...

November 2001
Making allies

Intermediaries in the healthcare sector are under threat following a policy decision to limit their commissions, so they will only be paid for introducing new members to private sector schemes. The proposal is to disallow commission thereafter...

November 2001
Into bed

Sanlam has sold its health company to Medscheme for an undisclosed sum, subject to the approval of the competition authorities. This follows the successful turnaround of the ailing business during 1998/99 and its subsequent repositioning in the...

November 2001
Costing fault

There is a new Search & Rescue law being considered for South Africa, according to Pierre Naude, one of the top aviation legal eagles and a partner in Deneys Reitz. The Department of Transport wants to co-ordinate facilities in RSA and over...

November 2001
Payroll whinge

The long-term assurance industry had a stable six months to December 2000, despite adverse developments, says Gerhard Joubert, executive director of the Life Offices’ Association (LOA). Commenting on statistics released for the six months to...

November 2001
Off again

Compass Insurance started out as a venture between Prestasi Financial Services (now called Alacrity), which initially held 10%, and Aegis Insurance (90%) back in 1994. Its name was prophetic, but not for the reasons known by the founders; for...

November 2001
Keeping on track

Mutual & Federal has recently introduced a new web site facility to enable visitors to obtain up to date motor vehicle valuations. By ensuring their cars are covered for ‘reasonable retail value’ (RRV) M&F promises that insured clients...

November 2001
Fixed change

Following the decision by the Association of Unit Trusts Fund Management Standing Committee, which had been ratified by the board, to exclude Property Unit Trusts and Property Loan Stocks from Domestic - Fixed Interest — Income funds, the...

November 2001
More transparent

A revised Code for the Benefit illustrations Agreement (BIA) has been adopted by the Life Offices’ Association (LOA) and will be phased in from 1st October 2001.
Explains the association’s executive director, Gerhard Joubert, “The main...

November 2001
Welcome news

The SA Insurance Association (SAIA) sees the Financial Advisory and Intermediary Services Act (FAIS) as a positive addition toward the government’s overall strategy on consumerism. The association says it has been actively involved in the...