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Life insurers uncover record numbers of fraudulent and dishonest claims in 2021

10 May 2022 | Association for Savings & Investment SA (ASISA)

South African life insurers detected 4 287 fraudulent and dishonest claims worth R787.6 million across all lines of risk business in 2021. This is a significant increase from 2020, when 3 186 cases of fraudulent and dishonest claims to a value of R587.3 million were uncovered.

A material fact that needed to be disclosed

05 May 2022 | Short Term Ombudsman

Every piece of information, specifically in policy wording, is critical in the insurance world.

On double counting and dated statistics

03 May 2022 | Financial Sector Conduct Authority (FSCA) (was FSB)

There is something galling about dated statistics, especially when these statistics are held up as reflecting the present day state of a particular section of the South African financial services sector. Case in point, much of the retirement fund information used to underpin the Financial Sector Conduct Authority (FSCA) Financial Sector Outlook Study 2022 is only up to date to December 2019. And we are fairly certain that much of this information was presented during the last retirement fund media update we attended more than 10 months ago.

The FSCA’s strategy sheds light on compliance focus areas

06 April 2022 | General

The Financial Sector Conduct Authority (FSCA) has its ‘five-year plan’ in the form of a 2021-2025 Regulatory Strategy that rounds-up some unsurprising plans, but still useful insight into what the FSCA will be focusing on this year – and beyond.

quick poll

Question

Are financial advisers ready for the combined impact of COFI and AI?

Answer

Yes, fully prepared and already adapting Somewhat prepared, but still facing implementation challenges Not yet prepared, more time and support needed Unsure / still assessing the impact

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