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On 10 June, the Supreme Court of Appeal (SCA) overturned a ruling by the Gauteng High Court, which ordered the law firm Edward Nathan Sonnenbergs (ENS) to pay a Johannesburg property buyer ZAR5.5 million after she had lost that amount of money to a cyber fraud scam.
The High Court has once again found that the presence of disclaimer notices can absolve an entity from liability for the loss suffered by an individual.
Fraudsters are nothing new in the retirement fund industry. The Two-Pot System has recently been introduced and it allows members to withdraw a portion of their retirement savings while still being employed. This is known as the savings withdrawal benefit.
One could argue that the law and the administration of ‘life’ lag far behind the evolution of humankind, resulting in a society governed by outdated laws and rules.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?