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Investment Indicators | 4 March 2024

IN THIS WEEK's ISSUE

Rates Review

•	Investment Rates
•	Money Market Funds
•	Top 3 Rates

Top stories

•	Budget 2024: how the inflation monster will affect taxpayers
•	Key aspects of Treasury’s proposals to reform SA’s financial ombud system
•	Hackers access CIPC’s client and employee records

In the news

•	Labour Court upholds restraint of trade, warning against confidentiality breaches
•	New National Financial Ombud scheme launches
•	Health department pushes the case for ‘affordable’ NHI
•	FIC publishes new guidance on financial sanctions compliance

Proposed Ombud System Reforms

•	Existing financial ombud system is ‘too complex’ for consumers to navigate
•	Ombuds will handle cases involving disputes of fact or law and award compensation

Perspective

•	How the economy and the bond market influence the Budget

Moonstone Update

R16 million fine for FICA violations

Regulatory Examinations

•	Download the latest RE Prep Guide here. Please ensure you download this version to use in your preparation, together with your study material. Please study the tasks, criteria and legislation referenced in the guide.
•	RE preparation videos
•	Schedules for 2024 WARNING: Beware of fraudulent operators pretending that they work for or with Moonstone.

Careers Platform

•	Advertising packages
•	Industry positions
•	Moonstone positions

ADVERTORIAL

Two-pots is here (and in reality, this will be four pots), as opposed to the existing one-pot. How is it looking in your kitchen?

Fund members will require sophisticated fund administration accommodating the numerous alternative elective pre-retirement withdrawals of the Two-pots retirement system. They will also require additional - professional - counselling regarding the impact of premature pre-retirement withdrawal. Are you and your funds ready for this legislation?

Book a presentation with our CEO Gary Mockler to see how GTC can assist 13B administrators and benefit consultants with the relevant business processes associated with Two-pot.

Visit our website at www.gtc.co.za.

RATES REVIEW

Secured Investment Rate

Please note that (G) indicates a Guaranteed and (L) a Linked product. In order to understand the difference between guaranteed and linked rates, kindly click here for an explanation.

R1 000 000 (3% commission)
Company	This week	Last week
1Life (L)	6.980%	7.000%
Momentum (L)	6.230%	6.000%
Discovery (G)	6.151%	6.154%
R1 000 000 (1.5% commission)
Company	This week	Last week
1Life (L)	7.350%	7.370%
Momentum (L)	6.680%	6.460%
Discovery (G)	6.539%	6.542%

Money Market Funds

R100 000
Company	This week	Last week
Allan Gray	9.18%	9.13%
Symmetry	8.78%	8.75%
Nedbank	8.74%	8.64%

Please bear in mind that our figures, though based on the actual quotations that you also use, are for information purposes only, and can never replace the official quotation from the product house. In terms of the guarantees, you are requested to clarify the exact extent of such guarantees with the product house prior to advising clients.

Top of Page

The Budget Review suggests that National Treasury does not intend adjusting the tax brackets for at least another two years.

Key aspects of Treasury’s proposals to reform SA’s financial ombud system

The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.

Hackers access CIPC’s client and employee records

The commission urges clients to monitor transactions on their credit cards.

Top of Page

IN THE NEWS

Labour Court upholds restraint of trade, warning against confidentiality breaches

Two insurance brokers found themselves under the scrutiny of the Labour Court, as they were called to account for soliciting clients from their previous employer.

New National Financial Ombud scheme launches

The previously separate credit, banking, and long-term and short-term insurance ombud schemes are now under one roof.

Health department pushes the case for ‘affordable’ NHI

Meanwhile, Solidarity suffers a setback in its efforts to halt the government’s preparations for implementing the system.

FIC publishes new guidance on financial sanctions compliance

Accountable institutions are required to scrutinise client information against the targeted financial sanctions lists to identify designated persons and entities linked to clients.

Top of Page

PROPOSED OMBUD SYSTEM REFORMS

Existing financial ombud system is ‘too complex’ for consumers to navigate

There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.

Ombuds will handle cases involving disputes of fact or law and award compensation

And the requirement to accept oral complaints applies to financial institutions, not only ombuds.

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PERSPECTIVE

How the economy and the bond market influence the Budget

South Africa’s core fiscal challenge is to get the gap between economic growth and the cost of borrowing back into positive territory.

Top of Page

MOONSTONE UPDATE 26 TO 29 FEBRUARY 2024

R16 million fine for FICA violations

Watch Moonstone Update for an overview of some of the stories covered in the past week's Moonstone newsletters.

In this week's episode:

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CAREERS PLATFORM - INDUSTRY POSITIONS

•	Sales Consultant: Pioneer Group, Durban. We require successful completion of the RE5, as well as 3-5 years of experience.

•	Short Term Insurance Underwriter: The Insurance Center, Westville, Durban. A Westville short term insurance service provider is looking for an experienced personal and commercial underwriter.

CAREERS PLATFORM - MOONSTONE POSITIONS

•	For career opportunities currently available at Moonstone please click the button below.

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Contact

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