FSCA tells banks to improve complaint-handling
FSCA tells banks to improve complaint-handling

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Moonstone Monitor | 20 March 2025
IN THIS WEEK'S ISSUE
Top stories
• SA’s path beyond the grey list: key challenges and opportunities ahead
• Customer complaints: FSCA tells banks to raise their game
• Legal battle over Ithala’s future heats up as liquidation looms
In the news
• Old Mutual’s operating profit up 4%, led by Insure and Investments
• Enhanced underwriting and pricing drive Old Mutual Insure’s performance
• Steinhoff’s shadow still looms over Pepkor as SARB freezes shares
• High Court upholds Discovery Life’s decision to void policy
• FSCA ponders regulatory enhancements for ESG investing
• FIC opens consultation on updated IFTR guidelines
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TOP STORIES
SA’s path beyond the grey list: key challenges and opportunities ahead
While South Africa is on track to exit the grey list by October, National Treasury emphasises the importance of long-term improvements and continuous progress in financial regulation.
Top story read button
Customer complaints: FSCA tells banks to raise their game
A review finds significant lapses in the banks’ complaint management – from inconsistent categorisation to poor record-keeping and communication.
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Legal battle over Ithala’s future heats up as liquidation looms
The PA and the repayment administrator accuse Ithala of operating unlawfully – comparing its actions to a Ponzi scheme. Ithala argues the freezing of depositors’ accounts is a calculated manoeuvre designed to collapse its operations.
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IN THE NEWS
Old Mutual’s operating profit up 4%, led by Insure and Investments
Exceptional underwriting in Old Mutual Insure and a 37% jump in Investments drive overall strength, but Corporate’s life insurance sales slumped 42%.
Itn read button
Enhanced underwriting and pricing drive Old Mutual Insure’s performance
The operating profit more than doubled in 2024, while gross written premiums increased by 9%.
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Steinhoff’s shadow still looms over Pepkor as SARB freezes shares
The SARB freezes 506 million Pepkor shares held by Ainsley, a subsidiary of Ibex, which took over Steinhoff’s assets and liabilities following its liquidation.
In the news 3 read button
High Court upholds Discovery Life’s decision to void policy
The policyholder inflated her earnings and failed to disclose a simultaneous application with another insurer, materially affecting the risk assessment.
In the news 4 read button
FSCA ponders regulatory enhancements for ESG investing
A survey indicates that while a majority of investment providers incorporate ESG considerations, hurdles such as inconsistent ratings and greenwashing remain.
In the news 5 read button
FIC opens consultation on updated IFTR guidelines
The Financial Intelligence Centre releases updated draft guidelines to enhance reporting standards for international funds transfers.
In the news 6 story read button
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CAREERS PLATFORM - INDUSTRY POSITIONS
 
• Compliance Officer: Trive South Africa – Licensed Financial Services Provider (FSP27231), Gauteng/Cape Town, South Africa. We are seeking a detail-oriented and knowledgeable Compliance Officer to join our team. The Compliance Officer will be responsible for ensuring that the company adheres to all regulatory requirements and internal policies, promoting a culture of compliance and ethical conduct throughout the organization.
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• Experienced Financial Planners: Advisory Partners Collective,Sandton,Gauteng. Join Advisory Partners Collective  and take your career to the next level with top-tier support, cutting-edge resources, and a powerful network for success.
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