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FSB provisionally suspends JVN Asset Management (Pty) Limited (“JVN”)

Published: Fri, 23 Jun 17

The Registrar of Financial Services Providers (“the Registrar”) has provisionally suspended the authorisation of JVN Asset Management (Pty) Limited (“JVN”) to act as a financial services provider with immediate effect. The decision follows the Registrar receiving concerning information about ...
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Populism driven by debt, low growth and a broken social contract

Published: Thu, 22 Jun 17

Cape Town: US President Donald Trump may perplex and exasperate the old order of established geopolitical interests, but his maverick style may turn out to be a boon for the global economy. That’s the word from Dr Philippa Malmgren, a former US presidential adviser and founder of DRPM Group and now ...
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Commutation of a Living Annuity on emigration

Published: Wed, 21 Jun 17

Compiled by: Lize de la Harpe, Legal Adviser: Glacier by Sanlam Introduction We are often asked whether or not a living annuity can be commuted when the annuitant emigrates. The answer is of course no – but the reason is not well understood. In this article we will specifically focus on section 1 of the ...
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Investing in the future doesn’t have to be at the expense of living your best life today

Published: Tue, 20 Jun 17

A sound plan can help you live confidently today and in the future Retirement. It’s something our parents deal with and feels like light years away, a thing for the future you to think about. Saving for it often takes a back seat to more immediate ‘needs’ like investing in the current you: purchasing ...
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Being an optimist in trying times

Published: Tue, 20 Jun 17

By John Kennedy, Director and Regional Head, Citadel   I am an optimist and believe that tomorrow will be better than today; that the future will be better than the present. This is a mind-set that has worked for me in many ways. But, in these difficult times, in the world of daily disruption ...
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A Taste of Reality: 10X Shows What it’s Like to Lose 40% of Your Retirement to High Fees

Published: Tue, 20 Jun 17

10X Investments and Nik Rabinowitz partner up once more to #StopDaylightRobbery in the SA Retirement Industry   In South Africa, only 6% of the population are able to retire with enough money to support themselves. The reason for this rather shocking statistic? A retirement industry that miseducates, misinforms, ...
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Three trends shaping the evolution of portfolio construction

Published: Fri, 16 Jun 17

Clients want outcomes, not the hiring and firing of managers   Cape Town: ‘One of the wheels of the Wells Fargo coach came off with a big scandal hitting our community bank last year. It’s a good example of how things go wrong when you take your focus off the client. ’ The importance of ...
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Disposition of and Distribution of Death Benefits: Retirement Funds

Published: Thu, 15 Jun 17

By Tamara Jacobsen, Director, Applied Learning Academy What is a death benefit under a retirement fund? A death benefit means the lump sum that becomes payable in the event of death of a member of a retirement fund, i. The actual death benefit comprises the deceased member’s retirement savings and may ...
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Falsification of Regulatory Examination Results and Issuance of Fraudulent Certificates

Published: Thu, 15 Jun 17

Godfrey Nti, Chief Executive Officer, Financial Planning Institute (FPI) Johannesburg: Following the announcement made yesterday, by the Financial Services Board (FSB), on the high increase of debarment cases in the last year due the qualification and examination fraud which was discovered by the Financial Planning ...
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FSB Appoints a Curator for Bophelo Beneficiary Fund and Benefit Services

Published: Thu, 15 Jun 17

After noticing concerning behaviour and noting several media allegations against the Bophelo Beneficiary Fund and Bophelo Benefit Services, a Statutory Manager, Mr Henry Msimang was appointed to investigate the two entities. Following the recommendation of the Statutory Manager of the Bophelo Beneficiary Fund and ...
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Using an umbrella fund? Set up a management committee too

Published: Thu, 15 Jun 17

              Nigel Willmott, Head: Employee Benefits, Citadel                   Over the past decade we have seen a progressive migration from “stand alone” group ...
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Sanlam Employee Benefits wins FIA Product Supplier of the Year

Published: Tue, 13 Jun 17

Tuesday: Sanlam has been named the 2017 Financial Intermediaries Association of Southern Africa’s(FIA) Employee Benefits Product Supplier of the Year. The FIA awards provide financial intermediaries the opportunity to recognise product suppliers that consistently deliver exceptional value to clients. Dawie ...
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Pension Fund Trustees said Moody’s would downgrade, Rand will depreciate

Published: Tue, 13 Jun 17

At the recent Batseta conference in Sun City, 61% of attendees at a RisCura presentation said, in answer to a spot survey, that Moody’s Investor Service would join Fitch and S&P in downgrading South Africa to ‘junk’ status. RisCura’s managing director, Malcolm Fair, was speaking ...
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Deciphering your Investment Statement

Published: Tue, 13 Jun 17

Regardless of who you invest with or what policy you have, chances are you’re unable to make sense of each and every line item on your investment statement. This is not necessarily a failing on your behalf, as investment statements are notoriously tricky to understand - there’s no standard format, and ...
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The Fais Ombud and too many cooks

Published: Mon, 12 Jun 17

The phrase “Friends, Romans, Countrymen, lend me your ears” was not uttered by Vincent van Gogh after the painful self-inflicted loss of his hearing appendage. A recent FAIS Ombud determination reminded me of this speech by Marc Anthony in Julius Caesar, another of the Bard’s classic plays. From ...
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Intermediaries applaud South Africa’s top insurance brands

Published: Fri, 09 Jun 17

            Lizelle van der Merwe, CEO at the FIA                     In a ‘best of the best’ celebration held at the Sandton Convention Centre, Johannesburg on 8 ...
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Tax avoidance could be a tax trap

Published: Thu, 08 Jun 17

By Ernest Mazansky, Head of Tax Practice at Werksmans Attorneys INTRODUCTION In 2016, the Income Tax Act was amended to provide for a further tax burden where (by and large) individuals had advanced loans to local or offshore trusts at low or zero rates of interest. The new provision – section 7C of the ...
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New survey highlights the shifting mindset of South African investors

Published: Wed, 07 Jun 17

How are South African millennials investing differently to their parents?   The stark reality is that 94% of South Africans are currently unable to retire comfortably. In light of Youth month, a recent survey by 10x Investments – A Modern Approach to Retirement Investing – reveals worrying insights ...
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PSG Wealth Hyde Park appoints new financial planning team

Published: Tue, 06 Jun 17

PSG Wealth’s office in Johannesburg’s Hyde Park has equipped its clients with four experts in the financial planning fields. Karen Smal, Charl Jooste, Ian Schmidt and Estee Beetge, all former veterans of ABSA Private Banking, join the firm with a staggering 52 years of combined experience. Smal, ...
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The do’s and don’ts of estate planning

Published: Tue, 06 Jun 17

What is estate planning?   Certified Wealth Manager at Alexander Forbes Financial Planning Consultants, Andrew Auld, said estate planning translated into efficient distribution of one’s assets at their death and helped to avoid potential liabilities and problems. “It is a term for ...
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From The Glossary »

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Simple interest:

Simple interest is straight forward interest, for instance, if you invest R1 000 at a simple interest rate of 12% per year, you will earn interest of R120 making your saving a total of R1 120 after the first year. For as long as your money is invested you will earn 12% per year, i. e. R120, that is added to your original investment of R1 000.
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