The National Assembly (NA) at its plenary sitting this afternoon has passed the Financial Sector and Deposit Insurance Levies Bill and the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Bill. The Financial Sector and Deposit Insurance Levies Bill, introduced to the National Assembly by Minister of Finance on 21 January 2022, seeks to make provision for the collection and administration of levies imposed in terms of the Financial Sector and .
When the fraud at VBS Mutual Bank was uncovered in 2018, the bank’s implosion pulled away the blanket covering another black hole, of R1.7bn – this time in the insurance sector.
Feb 15, 2021
As the Covid-19 lockdown nears the one-year mark, consumers are feeling an increased financial bite, especially as so many South Africans are working from home.
In numerous cases all family members are home-based and having to update connectivity, install technology and create study and work spaces which puts additional burden on budgets.
Short-term insurance of your assets is often seen as a grudge purchase. But before you consider taking the dangerous step of reducing or even cancelling your insurance cover, the Financial Intermediaries Association (FIA) advises caution.
“We are not talking about losing a cellphone, but rather the unexpected catastrophes like a severe motor accident, home fire, robbery or total loss of earnings,” says Barry Taylor, chairman of the FIA’s Short-Term Executive Committee.”