Tag: FinancialServices

In several major global markets, accounting firms are finding it increasingly difficult to maintain a steady pipeline of qualified professionals. Fewer graduates are entering the profession, and progression to senior levels is taking longer. At the same time, firms face greater technical demands.

South Africa should carefully assess how short-term instalment products are interpreted before Buy Now, Pay Later (BNPL) data shapes access to mainstream credit. The country could risk turning BNPL into a product that shuts people out of mainstream credit rather than helping them into it. This could happen if BNPL data enters credit-scoring systems that were never designed to interpret this type of product fairly.

For years, banks have modernised around channels. Mobile apps have improved. Onboarding has become faster. Customer engagement has also become more personalised. These improvements matter because customers experience them daily. However, a more difficult shift is now underway.

For years, the future of finance and accounting has been framed mainly as a story about technology. Artificial intelligence (AI), automation and data platforms are reshaping the profession. They are changing how work gets done and what employers and clients expect. However, if that is the whole story, we are missing the point.

For most of the past decade, African fintech was a land grab. Valuations rewarded user numbers. Interfaces became flashier. “Disruption” became the pitch that attracted capital investment. From the outside, it was clear that the model was running hotter than it could sustain. However, that era is over.

Picture a rainy Wednesday morning in Sandton, sometime in the near future. A claims handler opens their laptop. Right away, things move much faster than before. For every new email, the company’s Artificial Intelligence (AI) system drafts a suggested reply. The inbox is also lighter. A public chatbot handles most client and broker queries because it has been trained on policy wordings and continues to improve. Need a meeting? An AI assistant schedules it, sets reminders, and even takes minutes.

Understanding the difference between financial advice and holistic wealth guidance is essential for anyone planning their long-term financial future. The discussion in the video explores a common misconception in the financial services industry: many people assume that a professional managing their investments automatically provides comprehensive wealth advice. However, the conversation highlights that this is not always the case.

The Conduct of Financial Institutions (COFI) Bill will redefine professionalism in South African financial advice, and advisers who adapt early will lead the field. South Africa’s financial advice sector is entering a decisive new era. The COFI Bill, expected to take effect in 2026, will redefine what quality advice means and how it must be proven.

South African law requires any person who becomes liable for tax, whether income tax, VAT, or Capital Gains Tax, to register as a taxpayer with the South African Revenue Service (SARS). You must obtain a tax number. This unique identifier, issued by SARS, tracks and manages your tax obligations and compliance.