The Financial Sector Conduct Authority (FSCA) has published a Draft Conduct Standard for Banks, under section 106(2)(b) of the Financial Sector Regulation Act 2017 (FSRA). The draft Conduct Standard applies to banks, mutual banks, co-operative banks, branches of foreign banks and representative offices of foreign banks (banks) and will apply in addition to any other requirement already imposed on banks by other financial sector laws.
It is not uncommon for life insurers to outright refuse cover if the use of cannabis is disclosed during the application process, as is policy for illegal drug usage. However, with South Africa’s recent decriminalisation of the private use and cultivation of cannabis, many industries will need to reassess existing business practices which may be impacted by the changing legislation.
Focused on meeting the financial needs of the most vulnerable citizens in society, financial inclusion is recognised across the globe as a critical component to economic development and advancement.
The NHI is set to be South Africa’s version of universal healthcare where resources are pooled in order to provide health services for everyone. Apart from the many flaws in the manner in which it is being implemented, a most serious flaw is that it is going to be prohibitively expensive. Scant attention has been paid in the South African public discourse to the structure of the proposed system and the problems inherent therein.
Following the South African Reserve Bank’s decision earlier today to keep interest rates unchanged, FNB confirms that it will maintain its prime lending rate at 10.25% and will review its position following the next SARB MPC meeting in May 2019.
The deadline for accountable institutions to meet the amendments of the Financial Intelligence Centre Act, No. 38 of 2001, as amended by the Financial Intelligence Centre Amendment Act, Act 1 of 2017 (FICA) legislation, which was introduced to counteract money laundering and the financing of terrorism, is fast approaching on April 2, 2019.
Medical aids all have a ‘medical aid rate’, which is a maximum amount they will pay for certain treatments. This rate differs depending on the medical cover you have, but is typically a maximum of 200% of their scheme rate.
Businesses and households were left scrambling to keep the engines and the lights on after the national power utility, Eskom, suddenly plunged South Africa into darkness over a week ago. Speaking in Parliament on Tuesday last week, Minister of Public Enterprises, Pravin Gordhan alluded to the fact that Eskom was facing structural, operational and financial challenges.
There has been a lot of hype around the proposed National Health Insurance Bill, 2018 (NHI Bill) and the numerous implications for South African citizens. Little has been said, however, about how the NHI Bill will impact on the provision of medical aid benefits in the employee context.
Understanding ICD-10 codes is vital to effectively manage one’s medical and financial affairs. You’ve probably heard about ICD-10 codes somewhere in conversations with your Medical Aid company or perhaps your insurance broker, but for many of us, the realm of ICD-10 codes remains a mysterious one blanketed in confusion.