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Cyber liability insurance

Every organisation with a network, an online presence and holding or accessing confidential data is at risk of cyber-breach or attack. The very nature of the internet means that cyber criminals from anywhere in the world can hit any specific targets.

2018 annual crime stats

SABRIC, on behalf of the banking industry has released its annual crime stats for 2018. We are concerned about some of the increases, which clearly reflect that criminals will take every opportunity to get their hands on bank customers’ money.

Rand-backed cryptocurrency in the form of a stablecoin?

Cryptocurrencies, such as Bitcoin and Ethereum, have become well known for their volatile value. In contrast to this, 'stablecoins' are cryptocurrencies that have been specifically designed to have a stable value.

FAIS – fit and proper compliance a business imperative

The Financial Advisory and Intermediary Services Act (FAIS) is designed to create a professional code of conduct with specific outcomes and measurements which Financial Services Providers (FSPs) must comply with. 

Payment evolution and the future of credit cards

The digitisation of payments is accelerating rapidly, which may mean that the days of plastic cards may be over. Using this digitisation trend to justify a belief that credit cards, as such, will not be around for much longer is a somewhat misguided approach. One that demonstrates a misunderstanding of what credit cards are, and why they remain one of the most popular ways of transacting across the world.

Insuring your home at market value could cost you

South African residential property prices are experiencing continued downward pressure while the average cost of building new property continues to increase year on year with rising costs of materials and labour. The 2018-2019 Lightstone Property Forecast showed that the market ended close to 2.9% as opposed to the forecasted 3.8% in 2018.

Key trends disrupting the insurance sector

As exponential, digital-driven technologies transform the 4th Industrial Revolution (4IR) from a buzzword into reality, the financial services sector - and insurance in particular - face massive disruption, it starts with a radical reimagining of the very model insurance has been built on since its origins in the 14th Century, and Africa is no exception.

Draft conduct standard for banks published

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.

Life cover in the age of legal cannabis

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.

Understanding rural populations in Africa key to financial inclusion

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.
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