The year in news
It seems like just the other day that I was writing my first article for 2016; now we are in the festive season and we are looking back on the year that was.
There were a number of issues which proved to be popular throughout the year.
The new generation
The first issue that had an impact on our audience was the ongoing profiling of the effects that technological advancements will have on the insurance industry.
The one thing that insurers cannot do is ignore the challenge technology presents to the industry. In a release to the media by technology company In2IT Technologies, Managing Director Saurabh Kumar said that without effective IT, organisations can no longer compete as they will be unable to meet evolving customer needs, enter new markets or deliver superior service levels.
Medical concerns arise
When one looks at the medical care industry in South Africa, a number of people will come up with different explanations. However, there is one common thread…the fact that the cost of medical care in South Africa is not cheap.
Addressing the media regarding the way forward for the National Health Insurance (NHI) programme, the Board of Healthcare Funders (BHF) and Minister of Health, Dr Aaron Motsoaledi, said that misconceptions regarding the NHI needed to be addressed.
Regulatory worries
Regulation is always an issue which garners a lot of interest among our readers, especially news related to the retail distribution review (RDR). Its implementation has been delayed a number of times and our audience just wants to know how it will affect them.
We spoke to Caroline da Silva, Deputy Registrar of Financial Advisory and Intermediary Services (FAIS) at the FSB, earlier in the year and she gave us her input on how it will specifically affect the short term industry.
Engagement with a smile
A lot of noise has been made lately regarding the changes that the financial services industry is going through in order to make clients the centre of the industry’s universe.
The industry is going through a mindshift change where the main focus will be on the client experience. At the Amity Wealth Conference, Amity Wealth Director Anton Swanepoel said that clients are going to have an experience with the financial services industry anyway, so it is up to role players to make sure it is a positive one.
The taxman cometh
Tax is always, and will always, be a contentious issue. Tax season closed at the end of November, what was your experience?
At the Fiduciary Institute of Southern Africa Conference, Judge Bernard Ngoepe, the Tax Ombudsman, discussed the issue of taxes and tax misappropriation.
No policemen here
Determinations generate a lot of interest; a recent one from the Office of the Short Term Ombudsman (Osti) was no different.
When does reliance on a broker or insurer border on spoon feeding? If a client is mature enough to take out a policy, they should be mature enough to ask for documents that take long in getting to them. Brokers and insurers are not policemen.
The Sharemax skeletons
The Sharemax saga was one of the biggest controversies to rock the financial services industry in the past ten years. What was presented as a safe investment turned out to be nothing more than a pyramid scheme that left many investors destitute.
Months after the issue seemingly came to an end, we are seeing more skeletons stumbling out of the Sharemax closet in the form of controversies surrounding the Nova Property Group (Nova), which is the Sharemax rescue vehicle.
And finally…
In January this year, the financial services industry was rocked by reports that Rosemary Hunter, the Deputy Executive Officer of Retirement Funds at the Financial Services Board (FSB), took the regulator to court following what she deemed as irregularities when it came to the closing of pension funds by the FSB.
Because the issue is being fought through the courts, precious little information has been released because the matter is sub judice. However, Abel Sithole, Chairman of the FSB, addressed the issue in part in the regulators 2015/16 Annual report.
Editor’s Thoughts:
These were some of the big issues of 2016, please allow me to take this opportunity to thank you for your input throughout the year; may you have a restful festive season break. I look forward to interacting with you again in the new year. Please comment below, interact with us on Twitter at @fanews_online or email me your thoughts [email protected].
Comments
In my case , the past 2 years, they disallow certain deductions, need explaining why I visit clients all over South Africa and then end up paying the refund, since I dispute all their queries, ....we submit documents to them a few times....the same documents over and over.....it seems the fraud of this government, or is it misappropriation of funds, is seriously deep and therefore there is no money to refund legitimate claims of expenses.
A serious shame on how things are going with/in South Africa.....hopefully, people will come to their senses and start doing the right things to the benefit of not just a few top brass, but all the citizens of this country.
Oh !!!,how we need good governance in all spheres Report Abuse