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February 2006
Intec has the answer…..

Financial advisers should register as soon as possible to meet the FAIS deadlines, urges Intec School of Insurance. It points out that the first group of people who really need to take heed are both long- and short...

February 2006
Expensive lesson

The Supreme Court of Appeal recently in Papagapiou v Santam Limited gave the fraudulent insurance claim short shrift.
The relevant clause commonly found in policies reads:

If any claim under this...

February 2006
Manage as before

The Financial Services Board (FSB) has approved the proposed changes to Sage unit trusts from 31st March 2006.

Momentum Collective Investments Limited acquired the business of Sage Unit Trusts Limited...

February 2006
All in one

Multifund Insurance says it has commissioned Genasys Technologies’ Software Key to Insurance (SKI – pronounced ‘sky’) for its customer and insurance management system.

SKI is designed for insurance...

February 2006
Balanced view

“Diversify, diversify, diversify,” says GlenrandMIB in its latest Investment Market Review.

We hear and read a lot about the benefits of diversification and, mostly, we try to heed the advice to diversify...

February 2006
More confidence

Though the JSE has suffered a good deal of delistings since 2001 some observers believe the trend could be reversed this year.

Imara Corporate Finance SA, for instance, started receiving enquiries from...

February 2006
Exceptional

The graph shows the returns on various asset classes over the twelve-month period from 1st January 2005 to 31st December 2005.

As Glenrand MIB says in its Investment Manager Review for that period there...

February 2006
On track

Markets in 2006 will be driven by several key economic conditions and investors will need to keep a keen eye on both global and local developments says Mark Appleton, chief investment officer at Barnard Jacobs Mellet...

February 2006
Stay the course

As you return to work, struggle to remember your password and brush the remaining sand from your ears, it is worth adding the following resolutions to your list. Hopefully these will not fall into the category of ‘...

February 2006
Cheap alternative

While we are on the subject of using ADSL for Internet connection you may like to know about ‘virtual fax’ a reasonably priced product from Telkom. I’ve been using it for about four months and I must say I am quite...

February 2006
A battle of wills

Since the relaxation of exchange controls, more South Africans have been investing offshore, with important implications for their estate planning. According to Berrie Botha, chief executive of Sanlam Trust, it has...

February 2006
One thing leads to another

The Johannesburg Flying Squad and a Tracker recovery team were performing a routine track of a stolen car when they stumbled onto a major crime scene that appears to involve vehicle theft, drug manufacturing, money...

February 2006
Getting at the fax

Information Technology has developed at a phenomenal rate during the last decade, and this has influenced the way people do business in the twenty-first century. South African legislation has, by comparison, been slow...

February 2006
Don’t go down that road

For those needing motor vehicle finance, Mutual & Federal advises clients not to overlook the importance of ‘Hire Purchase top up cover’. This essentially bridges the gap between the value of the motorcar and the...

February 2006
Being prepared

Have you ever considered what you would do if you had an emergency and needed access to money in a hurry? If not, then Gail Roberts, CEO of the One Account from First National Bank, suggests that now is the time to...

February 2006
Bank error

The life assurance industry has been rocked by a series of adverse determinations delivered by the Pension Funds Adjudicator during the last year. One of the more startling cases was reported in October 2005 regarding...

February 2006
Economic theory by the Little Red Hen

Once upon a time there was a little red hen who scratched about the barnyard until she uncovered some grains of wheat. She called her neighbours and said, “If we plant this wheat, we shall have bread to eat. Who will...

February 2006
Hapless victims

South Africa’s a dump — no, I don’t mean it that way; but a dumping ground for faulty or sub-standard foreign goods. Just the last 12 months I have had to return and replace or repair no less than 15 items ranging in...

February 2006
Prescription problem

An extraordinary judgment in the Supreme Court of Appeal in South Africa has once again let loose the dogs of uncertainty in insurance litigation. Are you aware that most South African insurers – not just Aviation...

February 2006
Going abroad

Investors in retail funds channelled more than a R1 billion into offshore equity funds in the past quarter according to the latest Association of Collective Investments’ figures.

This is the second...

February 2006
Brokers under threat

The Medical Schemes Act limits broker commission to 3% of medical aid contributions, up to a maximum of R55,18 per month. And John Sherratt, MD of iChoices, says it isn’t enough, but says his company can help....

February 2006
Too many cards

South Africa’s improving economy has meant that we, as consumers, have access to far more financial packages than ever before. Today it is not uncommon to have a variety of debit, credit and retail cards in the wallet...

February 2006
Insurance aside

The ever-increasing demand for accountability by legislators, investors, regulators, customers and other stakeholders affirm the need for a sound approach to managing legal risks.

Comments Gustav Roth, a...

February 2006
Saved on appeal

A bizarre trail of events, which lead to the loss of source code, could have caused huge losses for a UK company were it not for a favourable Appeals Court decision in the United Kingdom. It nevertheless illustrates...

February 2006
Intec alert

The October 2006 deadline for certain financial advisers to obtain the first 30 credits required by the Financial Advisory and Intermediary Services (FAIS) Act 2002 is fast approaching. While this Financial Services...

February 2006
Charting success

To help Financial Advisers assess how many credits they may already have from prior learning an in-depth Qualifications Equivalence Matrix has been put together by INSETA through an organisation called Outlearning....

February 2006
Need a portfolio of evidence

Intec School of Insurance has developed a Recognition of Prior Learning (RPL) progamme, which offers FAs who have been in the industry for a long time with an alternative to theoretical study in order to obtain...

February 2006
100 years’ experience

In response to the strict guidelines set by government to upgrade national skills through education and training authorities, the International Colleges Group (ICG), a leader in South African distance and corporate...

February 2006
Intec promotion

To urge the industry to enrol for training before it is too late, INSETA (Insurance Sector Education and Training Authority) has made a 40% subsidy available for Financial Advisers who study through its chosen...

February 2006
Remaining upbeat

The latest edition of the FNB Residential Property Barometer indicates that the steady growth experienced in 2004/2005 in the South African residential property market continues to level off.

This...

February 2006
Don’t be powerless

The power outages reported in areas of Johannesburg have increased awareness of the necessity for businesses to have a strategic contingency plan, says Paul Skivington, a director of Enterprise Risk at Alexander...

February 2006
What’s in a name?

On an Ansett Airline flight recently a staff member with a free pass with the name of Gay found his seat taken by a paying pax (there are still some of these). He mooched off and found an empty seat. All was well...

February 2006
Direct solution

Towards the end of last year AllLife introduced a ‘broad-based life assurance’ product for people living with HIV in this country. According to the Bureau of Market Research; Consumer Scope 2003, there are 2 million...

February 2006
Unified outlook

The FNB/BER consumer confidence index for the fourth quarter of 2005 climbed three points to +20, only the second time in 25 years, when the 2010 world cup soccer bid was successful (second quarter 2004). This was...

February 2006
Foetal fear….

If the South African life assurance industry does not stand up to “improper legislation” then it won’t be just the industry that suffers, but the whole country. That’s the view of Stephen Rothschild, visiting...

February 2006
Where’s the logic?

Tito Mboweni, Governor of the SA Reserve Bank, recently lamented the harmful consequences of the labour laws that he himself introduced as Labour Minister. If the Government were to heed his calls for labour law...

February 2006
Growth is vital

It’s quite fantastic to contemplate a possible tax surplus of R40 billion emerging in February’s budget. By all accounts the over run is broad-based: company tax (they made more profits than expected); personal tax (...

February 2006
Expanding niches

Aon South Africa has acquired Shield Financial Services, effective 1st January 2006, and is intended to complements the company’s strategic focus on niche sectors of the risk management market

Shield is a...

February 2006
Strong growth again

South African unit trust assets breached the R400 billion mark for the first time in the December quarter as inflows remained strong. The number of funds also set a new record of 617 as against the previous 597....

February 2006
Fewer claims

Car hijackings in South Africa are dropping in the wake of tough new action by police and a clampdown on re-licensing of stolen vehicle.

Comments, Gerhard Genis, Head of Santam’s Claims Administration, “...

February 2006
Time to come home

In a survey commissioned by the Homecoming Revolution and FNB, and conducted by Research International, it was found that 46% of South Africans living abroad source local news on a daily basis. In addition, 77% have...

February 2006
Minimum standards

The minimum standards on early termination values for retirement annuities and endowments are set to cost the life assurance industry around R2,6 billion.

The minimum standards will be retrospective to...

February 2006
Getting a grip

Third quarter 2005 fraud statistics from the life industry suggest better claims controls. While fraudulent claims still plague certain sectors of the industry the Life Offices’ Association (LOA) notes that...

February 2006
Consolidating services

The South African Insurance Association (SAIA) is to re-incorporate its ‘SAIA Approved’ business back into the association.

SAIA Approved sets standards for insurance related products and tests and...

February 2006
FAIS fallout

The short-term insurance sector can expect further broker casualties this year, though mergers and acquisitions may be more evident than a simple flight from the industry. This view comes from Keith Young, CEO of...

February 2006
Panel beating

The South African Insurance Association (SAIA) will be looking at a submission from the country’s panel beaters this month. They are protesting about being “muscled out of the repair industry” by the major insurance...