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The Stage
Addressing consumer trust in financial services and elsewhere

The phrase treating customers fairly, or TCF for short, is so ingrained in South Africa’s financial services landscape that you would expect nothing but static on the radio shows dedicated to consumer rights. Likewise, you would hope the annual financial ombud scheme reports contained little more than operational updates. Unfortunately, the consumer-focused programmes and ombud case studies are still chockful of negative feedback, documenting a litany of unpleasantries foisted by the financial services industry on Jane and Joe average.

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Straight Talk
Range of living annuity outcomes supports hands-on financial advice through retirement

Back in his mid-20s, your writer ran into some financial difficulties, forcing him to liquidate a small portfolio of unit trusts to make ends meet. Almost three decades later, the regret he feels does not centre on the forced sale of these investments but rather on failing to reinstate a disciplined monthly savings regime. This experience sparked all manner of poor money-related decision making over the ensuing years.

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Featured story
Secondary perils: a new challenge for the insurance industry

Recent floods and disruptive snowfall in South Africa have highlighted the growing threat of secondary perils - smaller but frequent events like hailstorms and wildfires that cause significant cumulative damage. In an opinion piece on the developing scope of secondary perils, Rethabile Shabalala, a Senior Associate at Norton Rose Fulbright South Africa, discusses this pressing issue.

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latest quiz / Survey
Navigating the Two-Pot System
Navigating the Two-Pot System

The impending implementation of South Africa's Two-Pot System for retirement funds in September 2024 will significantly impact financial advisers and their practices. This new system presents both challenges and opportunities for advisers.

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Quick Polls

QUESTION

How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?

ANSWER

Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
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