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Moonstone Monitor | 19 December 2024

IN THIS WEEK'S ISSUE

Top stories

•	Discovery to appeal ‘far-reaching’ judgment in favour of RAF
•	How the dispute between the RAF and Discovery unfolded
•	Bill proposes wide-ranging changes to strengthen AML regime
•	Treasury publishes draft amendments to two-pot legislation

In the news

•	Incidental credit providers excluded from FICA registration
•	FSCA slaps R2.1m fine and 20-year ban on unauthorised forex operator
•	Nedbank’s fuel rewards advert is misleading, says ARB
•	SA’s corporate tax base rests on a few large companies
•	Don’t let non-disclosure sink your business: insurance insights for owners
•	The risks of tap-and-go cards: how to safeguard your money
•	Digital scams surge during the festive season – are you prepared?
•	US financial company’s name hijacked in impersonation scam

Perspective

•	Why financial planners shouldn’t overlook gap cover in clients’ strategies

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In Lighter Wyn

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The High Court says Discovery Health misconstrued the scope of the judgment that set aside the RAF’s first directive on the payment of medical scheme members’ claims.

How the dispute between the RAF and Discovery unfolded

Discovery Health’s quest for reimbursement from the RAF for medical expenses incurred by road accident victims has faced multiple legal hurdles, with new RAF directives complicating the situation.

Bill proposes wide-ranging changes to strengthen AML regime

The amendments to the Companies Act, FICA, and the Financial Sector Regulation Act are designed to close regulatory gaps and enhance enforcement.

Treasury publishes draft amendments to two-pot legislation

The Bill provides for flexibility when provident and provident preservation funds perform the seeding calculation.

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IN THE NEWS

Incidental credit providers excluded from FICA registration

The revised draft of PCC 23A brings further clarity to the interpretation of credit providers under the Financial Intelligence Centre Act.

FSCA slaps R2.1m fine and 20-year ban on unauthorised forex operator

An investigation found that Greyshore Investments solicited deposits while promising to trade on behalf of investors, without the necessary authorisation.

Nedbank’s fuel rewards advert is misleading, says ARB

A client complained that she couldn’t earn Greenbacks rewards at a BP filling station because it does not accept American Express cards.

SA’s corporate tax base rests on a few large companies

More than 3.6 million companies were registered with SARS, and only 0.1% of them contributed 72.3% of corporate income tax revenue in 2022.

Don’t let non-disclosure sink your business: insurance insights for owners

Business owners who neglect to inform their insurers of changes risk denied claims, policy voidance, and even lawsuits.

The risks of tap-and-go cards: how to safeguard your money

The Banking Ombud urges consumers to be proactive in protecting their funds, especially as complaints rise about unauthorised tap-and-go activity with lost or stolen cards.

Digital scams surge during the festive season – are you prepared?

Scammers are using fear, urgency, and authority to exploit unsuspecting shoppers. Discover how to keep your finances safe amid the surge in holiday fraud.

US financial company’s name hijacked in impersonation scam

The FSCA says the scammers are also misusing the FSP number of a Bloemfontein-based financial planning business.

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PERSPECTIVE

Why financial planners shouldn’t overlook gap cover in clients’ strategies

Gap cover can protect your clients’ retirement savings and long-term goals from unexpected medical expenses.

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This is the last Moonstone Monitor for 2024. We wish all our readers a peaceful festive season and a prosperous 2025.

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Managing Director:iMas Insurance Brokers: iMasFinance Co-Operative Limited, Centurion, Gauteng. We are looking for a Managing Director for our Insurance Broking business.The successful candidate will be an innovative, dynamic and energetic self-starter with seasoned experience on executive level in the insurance brokerage business and management of Insurance product providers.

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IN LIGHTER WYN

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