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October 2004
Intelligence cuts risk

In the life insurance industry, it’s a fact that it takes some time before the initial underwriting cost of a new policy can be recovered and a return on investment starts to be realised. It’s also a fact, recently...

October 2004
Size does matter

The question of whether the size of assets under management has a direct impact on the performance of an asset manager is becoming more topical worldwide. Many of the top performing global equity houses, following on...

October 2004
A whole new world…

STANLIB believes a different private investor mindset is needed for a new era in which the rand is neither a punching bag for strong currencies nor a heavyweight performer in its own right.
The fresh...

October 2004
Don't binge

Entrepreneurs and homeowners who were feeling a cash flow crunch may have been offered some relief by the latest round of interest rate cuts — but only if they adopt sensible investment practices and “don’t binge”....

October 2004
Next 12 months

Local equities is the asset class of choice with returns in excess of 10% predicted over the next 12 months, according to the Sanlam Personal Portfolios (SP2) investment managers’ survey, the SP² Bull and Bear Report...

October 2004
Shooting straight

The Firearms Control legislation, passed in 2000, was implemented on 1st July 2004. It comprises The Firearms Control Act 2000, The Firearms Control Amendment Act 2003, and The Firearms Control Regulation 2004. This...

October 2004
Sickness benefit

Metropolitan Life has introduced an impaired life annuity product that will offer people suffering from qualifying diseases anything from 25% to 500% more than the current market rates. With FAIS compelling financial...

October 2004
Safe haven

Smoothed Bonus Portfolios are again proving that they are a safe haven for investors looking for a vehicle that behaves like an “escalator” rather than a “roller coaster”, according to Sathyen Mahabeer, Old Mutual’s...

October 2004
Money laundering

The deadlines in terms of the Financial Intelligence Centre Act (FICA) 2003 have been moved forward to give banks more time to sort out the necessary administrative details. The earliest date for compliance is now...

October 2004
Information pack for farmers

August and September are traditionally high-risk months for veld fires in South Africa, especially in the northern regions of the country where summer rains have yet to arrive. Farmers therefore need to take extra...

October 2004
Seamless system

Unless South African medical fund administrators can start collaborating with one another to create a seamless information system at member level, the chances of a successful national health scheme may be out of reach...

October 2004
Legal note

Potocnik v Mutual & Federal 2003 (6) SA559 (SE)

Potocnik insured his vessel with Mutual and Federal. Approximately four months after he obtained the insurance, the vessel ran aground and was...

October 2004
All its guises

Malware. This is malicious software comprising viruses, worms and Trojan Horses that intentionally perform malicious tasks on a computer system. Malware does not include spyware, spam or adware (see definitions below...

October 2004
Gone phishing

The latest mass security problem developing on a world-wide scale is so-called ‘phishing’. Most attacks are occurring in the US but it is only a matter of time before the whole globe becomes embroiled in this rapidly...

October 2004
How the bugs got started

According to research by Microsoft the first computer viruses were introduced in the early 1980s. These first attempts were largely experimental and relatively simple self-replicating files that would display simple...

October 2004
Keeping spies, hackers and spammers at bay

I have lost count of the number of times some company has failed to deliver services because its computers are ‘down’. The quality of explanations varies. However, whether it is a simple, ‘our computer isn’t operating...

October 2004
Getting together

Metropolitan, in partnership with The Workers Academy of Insurance, is to implement the Financial Sector Charter Learnerships, highlighting government’s massive workplace transformation agenda, as articulated by The...

October 2004
Quick start

The Insurance Sector Education and Training Authority (INSETA) together with the National Skills Authority (NSA) have made funding available to the value of R42 million for Financial Sector Charter Learnerships....

October 2004
Getting tough

South African Revenue Services has promised to ‘scrutinise all provisional tax returns submitted’ in respect of the First Period. This follows long-standing disquiet on the part of the authorities about ‘increased non...

October 2004
Let us learn

In March this year, Discovery launched Masifunde, a life-enriching programme aimed at building the skills and knowledge of employees through the implementation of adult basic education and training (ABET).

...
October 2004
Learned book

You couldn’t ask for a better analysis of the Financial Advisory and Intermediary Services Act 2002 (FAIS) than by the draftsman of the law itself. And so Juta Law has just published the FAIS Manual by Franso van Zyl...

October 2004
Helping to comply

Santam has implemented a system to assist its intermediaries in obtaining the required credits to meet the competency part of the fit-and-proper requirements of the Financial Advisory and Intermediary Services Act (...

October 2004
Insurance for schools

Cre8, the research and development arm of Alexander Forbes Risk Services, has introduced a comprehensive insurance range to address the numerous and increasing risks facing South African schools, dubbed Educ8....

October 2004
Add ons

Yet another add-on tax is being proposed. This one, the so-called ‘green tax’, brings the number of levies mooted the last couple of years to about six. Nor can one assume these ideas are literally ‘proposals’ that...

October 2004
Partner for the future

Auto & General (A&G) says it has recently teamed up with IEMAS, a large trade co-operative, which has supplied employees of participating employer groups with financial services for more than six decades....

October 2004
Infectious materials

There seems to be a breach, for want of a better word, in the hygiene of the food and beverages industry and, more specifically the confectionary sector. And, judging by a recent response to a complaint to Tiger...

October 2004
Avoiding underinsurance

According to market research by Santam short-term insurance policyholders are under-insured by about 45% on average and are putting themselves at serious financial risk.

Santam Chief Executive Steffen...

October 2004
Ideal contemplation

The oddly titled, Creating the More, by Pierre Lucouw, is a brief philosophical dissertation for ‘those who are searching for a balanced life’, and who recognise that ‘all existence is interrelated’.

Mr...

October 2004
Complaints procedure

The office of the Pension Funds Adjudicator was established with effect from 1st January 1998 to investigate and decide complaints lodged in terms of the Pension Funds Act, which covers not just pension funds, but...

October 2004
Advice for clients

The Financial Advisory and Intermediary Services Act, 37 of 2002 (FAIS) was promulgated by Parliament to protect clients, and to regulate the provision of advice and services by financial institutions, their...

October 2004
Reform programme

The Department of Health has, since April 2003 and January this year, unveiled a number of pieces of legislation aimed at shaking up the industry. These range from the controversial medicine price regulations to a...

October 2004
Flying rights

BA has agreed that the DVT (Deep Vein Thrombosis) case against it, which BA won in all the lower courts, can go to the House of Lords and furthermore, it has waived its right to costs if it should win.

...

October 2004
Gaining market share

Announcing its results for the six months to 30TH June 2004, financial services group Metropolitan reported an excellent operational performance. Building on its solid showing in the 2003 financial year, the group has...

October 2004
Coming into its own

Centralised and simple access has long been desired by the financial community. FSA licensing under the Financial Advisory and Intermediary Services Act (FAIS), means that never before has this need for access to...

October 2004
Record period

The short-term insurance market is experiencing unusually favourable conditions with three companies, accounting for about 66% of the market, reporting exceptional results over the last few months. Santam, for example...

October 2004
Value-add

Auto & General, (A&G) says it has recently begun offering its clients more value added products, some of which are not usually associated with short-term insurance.

These include:
• Funeral...

October 2004
Growing skills

The Insurance Institute of South Africa (IISA) has announced the restructuring of its operations which will see it serving more effectively the growing skills development needs of the insurance industry. As such the...

October 2004
Consumer guide

A new self-regulatory Code relating to all policy quotations for individual policies issued by member offices of the Life Offices’ Association (LOA) was recently approved at a general meeting and will come into force...

October 2004
Getting the wind up

Insurers are suffering huge losses because of irregularities perpetrated by some windscreen repairers. They have decided to join forces and fight back. Several fraudulent activities have been discovered. Here are some...