Compliance - Regulatory / General

A lawyer talks accounting: International Financial Reporting Standards (IFRS) 17 insurance contracts

The global set of accounting standards known as International Financial Reporting Standards (IFRS) is broadly used and supported in multiple jurisdictions by various organisations such as the International Monetary Fund, the World Bank and the JSE Limited to mention but a few. Section 29(5)(b) of the Companies Act, No 71 of 2008 (Act) specifically prescribes that public companies must adopt IFRS, which places all insurance companies within the ambit of this section.

Twin Peaks signed into law

Twin Peaks is no silver bullet

Bank collusion and the apparent breakdown of internal controls have been used as motivating factors for the implementation of the Twin Peaks model, which has just been signed by President Zuma. But, Twin Peaks is no silver bullet to prevent collusion and other misdeeds altogether. It should, however, help to achieve through regulatory pressure, fairer outcomes for customers, and should positively impact company culture.

Twin Peaks refresher

The Financial Sector Regulation Bill was passed by Parliament and sent to the President for assent on 22 June 2017. The Bill provides the architecture for the new twin peaks method of regulation to be adopted across the South African financial services industry.