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26 March 2019 Financial Service Intelligence Watch

Legislative Changes and Developments


News from the Regulators


FSCA statement on discrimination allegations against FNB

The Financial Sector Conduct Authority (FSCA) in a press release late last week said that it had noted recent allegations of racially discriminatory practices by First National Bank (FNB) – and possibly other banks - against home loan clients. They’ve also noted FNB’s response, and the North Gauteng High Court’s dismissal ...

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Relevant Rulings


Insurance firm ordered to honour indemnity for broker

Legalbrief Today

The SCA has ordered an insurance company to honour professional indemnity cover for a broker who led his client to invest in the Sharemax scheme. Volksblad reports that a widow, Marisa Oosthuizen, invested R2m on the advice of her broker, Jose Castro. Centriq Insurance was previously ordered to indemnify ...

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Local News


Real estate body publishes new governance code

The SA REIT Association has released new best-practice recommendations, as it tries to improve the reputation of the listed property sector. A Business Day report says the sector had its worst year in more than two decades last year following a number of allegations against the Resilient group of companies. The association ...

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Medical aids lose billions on risk transfer deals

Leading medical schemes are losing money in opaque ‘risk transfer’ arrangements, in which they pay service providers millions of rands to manage claims that critics say they could easily handle in-house. Business Day reports the deals mean there is less money available for their own members and raises questions ...

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Ombudsman for Short-term Insurance on excesses

The Ombudsman for Short-term Insurance (OSTI), recently commented on excesses in the short-term insurance industry. In the media release the Ombud answers the following questions:

  • What is an excess?
  • Why do you pay an excess?
  • Are there different types of excesses?
  • Does an insurer have to recover the excess ...
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International News


UK's FCA statement on share trading obligations

The UK's Financial Conduct Authority (FCA)

The EU MiFID II and onshored UK MiFID regimes both have share trading obligations (STOs) which mandate investment firms to trade certain shares on regulated markets, multilateral trading facilities, systematic internalisers or third-country trading venues assessed as equivalent by the EU and UK ...

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Working Smart


What direction is your business moving in?

By Lee Rossini

The term ‘business strategy’ is well-used in a business context, however, it is often misunderstood and not applied in an effective manner. Simply put, a business strategy refers to the game plan that the owners and managers of a business uses to position themselves in the market ...

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Working Smart

By Lee Rossini

The term ‘business strategy’ is well-used in a business context, however, it is often misunderstood and not applied in an effective manner. Simply put, a business strategy refers to the game plan that the owners and managers of a business uses to position themselves in the market, to conduct business operations, to attract and satisfy clients, to compete successfully in its chosen marketplace and to achieve its stated business objectives (Thomson and Strikland, 2003).  In a nutshell, a business strategy focuses on the way in which a business gets from where it is to where it wants to be; the process involves identifying the right choices that must be made to overcome the challenges and difficulties along the way. 

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