The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) have jointly published their inaugural report, Artificial Intelligence in the South African Financial Sector which provides the first comprehensive overview of…
"The court found in favour of the insurer and held that "the Firearms Exclusion unambiguously barred coverage, and the insurer had no duty to defend or indemnify the insured in the underlying lawsuit," says Mtho Maphumulo, Partner in the Insurance…
"The Financial Services Tribunal's decision in Sehlabaka v The Pension Funds Adjudicator & Others delivers a stern reminder: the three-year time limit for filing complaints with the Pension Funds Adjudicator ("the Adjudicator") is not a flexible…
"The decision underscores the importance of transparency and accountability in executive decision-making, particularly in matters of significant public interest such as the NHI," says Mtho Maphumulo, Partner in the Insurance and Financial Sector…
"The Defendants' attempts to avoid liability were rejected as lacking credibility and contrary to the weight of the evidence. Judgment was accordingly granted in favour of the Plaintiff for the full amounts claimed," writes Mtho Maphumulo, Partner,…
Mtho Maphumulo, Partner in the Insurance and Financial Sector Practice, Adams & Adams shares his insights on the complexities and challenges faced by a policyholder when their insurance claim was repudiated, and also dismissed by the courts. a…
The Financial Sector Conduct Authority (FSCA) stated that it had also debarred Mr Peterson for a period of 5 years and Mrs Peterson for a period of 10 years following an investigation by the FSCA into complaints it received from their clients.
"As at 30 June 2024, the FSCA has said it had approved a further 63 licence applications, bringing the number of licensed CASPs in South Africa to 138. The total number of applications received to date is 383, of which five have been declined,"…
"While aggregate systemic risk scores increased slightly at year-end 2023, the interim GME analysis found stable solvency, liquidity and profitability positions in 2023, reflecting the overall financial stability of the insurance sector," says…
“Comments received in response to the 2023 public consultation helped enhance the ICS design, which is now almost ready for adoption. This has enabled us to increase our focus on supporting the comprehensive and consistent implementation of…
"Authorised financial services providers must display the fact that they are authorised on their documentation. If this is absent, the public should avoid paying any funds to such a person without investigating it further," advises the Financial…
"The Joint Standard strengthens the financial sector's cyber defences. Financial institutions have one year to comply, requiring proactive measures for a smooth transition and a more secure future," explain Gabi Richards-Smith, Partner, Mateen…
"OML has confirmed to the FSCA that it is in no way associated with the private Telegram channel that is offering these investment opportunities to the South African public using its name, and has published similar cautionary messages on its…
“Vicky will be greatly missed as Chair by both members and the Secretariat, having brought deep technical knowledge and impressive consensus-building skills to the role. She leaves behind a record of having finalised significant reform projects…
Insurance Biz is a New Africa Busines News Services (NABNS) publication launched in 2013 to focus on the insurance industry, investments, financial planning, employee benefits etc. It remains a great resource of news for industry professionals, and for those who seek to learn about the financial sector developments.
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