Banking & Insurance

The Plaintiffs operated restaurant businesses and appointed the defendant as their insurance broker. The defendant's mandate required it to procure commercial insurance on the Plaintiffs' behalf. On 4 June 2019, the defendant obtained policies from Renasa Insurance Company Ltd. However, these policies did not include an extended business interruption clause covering losses arising from infectious disease outbreaks.

The South African Reserve Bank (SARB) has published the third version of its proposed amendment to the payments regulatory framework. The amendments focus on two key instruments. These include a draft exemption notice that excludes certain payment activities from constituting “the business of a bank”, and a revised draft Authorisation Framework set out in a draft directive.

A few months into the year, financial pressure begins to feel different. School fees become due, winter expenses approach and transport costs continue to rise. Meanwhile, January’s financial resolutions begin competing with everyday survival. Rarely does one major expense disrupt financial discipline. Instead, the steady friction of small, unavoidable costs slowly chips away at our best intentions.

The regulation of commercial paper issuance in South Africa has, since 1994, been governed by an exemption notice. This exemption notice is known as the Commercial Paper Regulations. It permits certain entities to issue debt instruments. It also ensures they are not deemed to conduct “the business of a bank” under the Banks Act 94 of 1990 (Banks Act).

A sudden medical emergency nearly cost my life. However, thanks to prudent financial planning, hospital bills became the least of my worries. I used to think I had time and health on my side. I trained hard, stayed active and monitored my health closely. By most measures, I was doing what people are supposed to do. Then, one evening in November 2022, after a completely ordinary day, my body gave way without warning.

Most of us do not think we need protection. However, life often proves otherwise. It is easy to dismiss a cover you have never used. That changes quickly in real life. Your phone slips from your hand. It cracks on the kitchen floor. Your geyser bursts without warning. Your car also breaks down after running perfectly the week before.

The fines scam. The South African Revenue Service (SARS) refund. The parcel that needs clearing. If you have a South African cellphone number, you have likely encountered all three. Fraud has become part of the background noise of digital life. Consequently, most people have developed a reflexive response: delete, ignore and move on. However, a more difficult question now confronts banks, fintechs and payment platforms.

Most parents assume that leaving money to their children is enough to secure their future. However, how an inheritance is structured matters just as much as what is left behind. Without careful planning, children can become financially vulnerable. This vulnerability often stems from how assets are managed after a parent’s death, rather than from a lack of assets.

The South African Reserve Bank’s Prudential Authority (PA) has confirmed its intention to derecognise Moody’s Investors Service South Africa as an eligible external credit assessment institution (ECAI). The regulator has also introduced a 24-month transition period that will run until April 2028.

Foreign nationals who own fixed property in South Africa and derive rental income from it are increasingly facing new compliance hurdles when accessing or transferring those funds. Recent feedback from multiple South African banks indicates tighter access to non-resident bank accounts when account holders do not meet additional tax compliance requirements. As a result, foreign property owners could temporarily find themselves out of pocket under these new banking and tax rules.