Industry Updates

The Financial Sector Conduct Authority (FSCA) has issued changes to the requirements for contributions, contribution statements and reporting around contributions. The purpose of the changes – reflected in the FSCA Conduct Standard 1 of 2022, is to standardise the manner and format of reporting by Funds in respect of all contribution related matters.

Insurers’ may not impose a waiting period on members who wish to enter a new individual funeral policy after their service with their employer is terminated, provided they were previously covered by a group funeral policy.

Michele Jennings, CEO of Sanlam Group Risk, discusses managing the increase in group life and disability insurance costs as a result of the impact of Covid.

In a communication distributed In a communication distributed on 9 June 2022 (attached), the Financial Sector Conduct Authority (FSCA) announced plans to disclose the names of the retirement funds and employers who are in arrears.

The retirement industry is in a uniquely strong position to impact the lives of South Africans as it is the largest source of invested assets in the country. The 2022 Sanlam Benchmark Survey sought to look ahead and to establish how the retirement industry can adapt to the vastly changed world.

Umbrella funds are the single most effective vehicle for reforming the South African retirement fund industry. The opportunities that rest in their economies of scale - their ability to reach thousands of employers and hundreds of thousands of employees - will be the most efficient way to improve the retirement outcomes for South Africans. This is the view of David Gluckman, Chairperson of the Sanlam Umbrella Fund.