Industry Updates
2023 Budget Speech Summary
The Budget Speech Summary provides insights on how the country’s current economic standing will affect you.
FSCA Conduct Standard: New requirements related to the payment of contributions
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.
Policyholder Protection Rules update: Changing from group funeral insurance to individual cover
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.
Group Risk – increase in group life and disability insurance costs
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.
The FSCA plans to name employers who are in arrears with their contribution payments
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.
Holistic care now front and centre in Employee Benefits post pandemic, finds Sanlam Benchmark Survey
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.