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Much has changed since King IV came into effect on 1 April 2017 but, says the chair of the King Committee, Ansie Ramalho, its principles and practices are expressed at a sufficiently high level of generality to empower boards to apply them in the current circumstances.
With the lifting of the dark clouds of the Covid-19 pandemic, the Ombudsman for Long-term Insurance (OLTI) and the Ombudsman for Short-term Insurance (OSTI) are looking ahead and planning with optimism.
A few years back, this writer remembers many financial services stakeholders being up in arms over attorneys that were extracting extortionate fees from the country’s struggling Road Accident Fund (RAF). You may recall the reporting at the time, describing attorneys and lawyers who were billing the RAF for more hours per week than physics allows. Sadly, it turns out that the legal profession is not in alone in conjuring time out of thin air.
Since the announcement of the Financial Action Task Force (FATF) decision, to greylist South Africa, there has been a considerable amount of uncertainty of what this greylisting means for businesses and, in particular, accountable institutions.
If I were tasked with taking my firm’s customer experience (CX) to the next level, I would: