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Ombudsman reports decrease in complaints against SA short-term insurers

25 May 2016 | SAIA - South African Insurance Association

The Ombudsman for Short-Term Insurance (OSTI) last week revealed a favourable decrease in complaints received against South African short-term insurers during 2015 compared to the previous year. The total number of complaints decreased by 4.5% to 9 784 in 2015 from 10 253 in 2014. In addition to the decreasing number of complaints recorded, the report also reveals a decrease in the overturn rate from 30% in 2014 to 26.73% in 2015.

Ombudsman helps consumers recover R184.4m from long-term insurers

25 May 2016 | Life Ombudsman

The office of the Ombudsman for Long-term Insurance recovered R184,4m in the form of lump sums for consumers from long-term insurance companies during 2015 and complainants received more than R577 000 in compensation for poor service. These amounts do not include income benefits, annuity payments and the value of non-monetary benefits.

Skills development; a compliance issue that’s failing

24 May 2016 | BEE (Black Empowerment)

The amendments to the Skills Development Act have had far reaching consequences for training institutions, employees that seek to develop their skills, and the companies that employ them. Factor in Broad-Based Black Economic Empowerment (BBBEE) point requirements, and training once again becomes a compliance issue instead of the correct reaction to skills gaps that would increase productivity.

FSB takes financial literacy into Gauteng high schools

20 May 2016 | Financial Sector Conduct Authority (FSCA) (was FSB)

Education in the economic heartland of Gauteng is about to get a major boost with a new financial literacy competition for high school learners launched by the Financial Services Board (FSB) on Tuesday, 10 May 2016.

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