QUICK READ Warning

The Financial Sector Conduct Authority (FSCA) warns against dealing with two entitites that are not authorised to provide financial services: Trabot and Globaltech Investments. According to information received, Trabot, a company located in Randburg, Gauteng, offers people access to a tool called “Forex Robots”. These trade automatically for clients and promise a highly unrealistic profit of 20 - 50% per month. Globaltech Investment is soliciting investments from the public with the promise of an unrealistic return of 60% in 30 days. You should always check that an entity or individual is registered to provide financial advice and what category of advice it is registered to provide. You can call the FSCA on either the toll-free number (0800 110 443) or visit its website www.fsca.co.za

Banking

Five years after its relaunch, African Bank, which is now South Africa’s sixth-largest retail bank, holds R10 billion in its retail savings portfolio, up from R1 billion three years ago. In 2019, it launched its MyWorld transactional product, which has attracted over 365 000 customers. Sbusiso Kumalo, African Bank’s chief marketing officer puts the bank’s growth down to a handful of key factors. “If we really want to enrich lives, then it’s important that we do just that with South Africa’s most competitive investment rate. We also took a decision to recognise all investments as equal. If you can only invest R500, you will earn the same competitive interest rate as someone who has invested R4 000 or R400 000.”

Life Insurance

Life insurers remains robust and well capitalised despite unprecedented claims as a result of the pandemic, according to the half-yearly long-term insurance statistics reported by members of the industry body, the Association for Savings and Investment South Africa (Asisa). The figures, released this week by Asisa, show that the industry held assets of R3.43 trillion at the end of June 2021, while liabilities amounted to R3.09 trillion. This leaves free assets of R334.6 billion, almost double the reserve buffer required by law. Hennie de Villiers, deputy chair of the Asisa Life and Risk Board Committee says: “The Covid-19 pandemic is considered a once-in-a-lifetime event, which has resulted in unprecedented death claims, and yet life insurers have been able to weather the fallout because of the reserve buffers that are in place.”