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March 2010
Not user friendly

First National Bank/RMB recently made a unilateral change to its Internet Banking services, without thinking things through adequately. Its trivial in a sense, but nevertheless annoying. Reveals the banking notice:...

March 2010
Great house of sand

It is estimated that approximately three million Zimbabwean refugees live in South Africa and whilst most South Africans have, with interest, observed the degradation of our north eastern neighbour; it is difficult to...

March 2010
More than just selling tax-breaks

Selling tax-breaks is no longer enough in a retirement annuity (RA) market that is increasingly driven by a new generation of smart investors who demand more from their financial advisers.
“RA tax...

March 2010
Captive growth

The Government Employees Medical Scheme (GEMS) was registered on 1st January 2005, in accordance with the Medical Schemes Act 131 of 1998. The scheme reports to the Registrar of the Council for Medical Schemes and is...

March 2010
Year-end tax reminder

With the end of the tax year looming, it’s time to think about topping-up your retirement annuity (RA) with additional contributions. Perhaps you’ve earned a bonus, or put aside money for a rainy day that never came....

March 2010
Possible chance

There are a growing number of voices calling for the shorting of global bonds. Some, like Marc Faber, have called it the short of the century. Nassim Taleb, well known author and previous derivatives trader,...

March 2010
Not much yet

As part of the 2010/2011 budget review announced before the Budget, reference was made to the obvious need for an appropriate and affordable retirement savings mechanism for low-income earners.

This need...

March 2010
Exclude the pitfalls

The Ombudsman for Short-Term Insurance urges consumers to familiarise themselves with the terms and conditions of any travel insurance policy they may purchase before they travel and warns of the common pitfalls of...

March 2010
A wordy cause

New Finance Minister Pravin Gordhan was always going to have little room to manoeuvre in his inaugural Budget delivered to Government on 17th February 2010. “In essence, he continued with the sound and conservative...

March 2010
Green hot water

Green is the new black in insurance. To show Santam’s support of the environment, it is the first insurance company to promote green energy by opting to give domestic householder clients the choice of replacing a...

March 2010
Disapearing deposit

Southern African Fraud Prevention Service (SAFPS) reports that it is receiving an increasing number of complaints from individuals overseas who have booked accommodation on open websites in South Africa for the FIFA...

March 2010
The high risks of failing to invest in IT security

The far-reaching effects of security breaches can total millions of rands. Lost business can result due to the unavailability of information resources, theft of valuable data, or because customer accounts flee to...

March 2010
Dificult and expensive

The FSB has continued its launch against the use of non-registered insurers by putting out Directive 149.A ii(ST) which requires any use of non-registered insurers to be put in as a preliminary notice 30 days ahead of...

March 2010
Test failure

The South African Insurance Association (SAIA) has noted comments by Magistrate Daniel Thulare that were published in the Sowetan on 8th February 2010 which included that “any conviction for a citizen driving without...

March 2010
No to shoe horns

It's tempting to buy insurance direct. But Vice-President of the Financial Intermediaries Association of Southern Africa (FIA) Seamus Casserly says it isn't necessarily faster, cheaper or better to buy your insurance...

March 2010
Spot check

The South African Revenue Service (SARS) has recently released for public comment, a draft interpretation note on rules for the translation of amounts denominated in foreign currencies. The draft interpretation note...

March 2010
Pivotal role

The role of the financial intermediary is pivotal to our industry. He is the conduit between the insurance company and the customer and his role in facilitating the flow of information in both directions cannot be...

March 2010
Bedside chat

With South African households feeling the pinch and many of us tightening our belts even further, medical aid may have dropped a few notches on your list of financial priorities. But giving in to the temptation to...

March 2010
Joining forces

The South African hedge fund industry has put its faith in the Association for Savings and Investment South Africa (ASISA) to help it achieve its long-term goals, which include the regulation of hedge funds at product...

March 2010
Government aid

Despite feeling the economic pinch, thousands of parents and sponsors placed the education of future generations high on their priority list in the past year. The Fundisa unit trust fund, an initiative aimed at...

March 2010
There’s a bull in the china shop

Many people may be discussing round the dinner table how various businesses and indeed industries (textiles to name just one) in South Africa are under threat from the East. Many businesses have been liquidated as a...

March 2010
Word of mouth

HIV Saliva testing has been introduced by 1Lifedirect as part of its life insurance underwriting. Traditionally, the industry would request policy applicants to undergo HIV testing for underwriting purposes. They...

March 2010
Back to classics

Hard-pressed consumers can look for help from at least one champion in 2010 – the insurance broker committed to the classic, service-led intermediary model.
The forecast comes from
A return to the...

March 2010
Fruitful bid

Old Mutual’s bid to purchase the remaining Mutual & Federal shares has come to fruition with the announcement that all of the remaining conditions have been successfully fulfilled or waived. The Scheme of...

March 2010
Don’t get red carded

Those looking to score from the influx of World Cup visitors could be caught offside by more insurance snags than they realise.
Insurance pitfalls are not limited to damage caused by paying guests to...

March 2010
Time for stress

Actuaries have the best job, according to a recent ranking of 200 professions in the US. The findings by Les Krantz, author of “Jobs Rated Almanac”, were based on five criteria: environment, income, employment outlook...