South Africa on FATF grey list
South Africa has been grey listed by the Financial Action Task Force (FATF) after considering protection mechanisms employed against ensuring South Africa is not used as a money laundering, terror funding, or proliferation financing jurisdiction. What does that mean to us in reality? The FATF is a global inter-governmental body, that promotes policies of good governance and sets international standards relating to the combating of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction and biological weapons. There are currently 39 members of the FATF: 37 jurisdictions (including South Africa as a member state) and two regional organisations (the Gulf Cooperation Council and the European Commission). 22 countries, including South Africa, currently appear on the FATF grey list for not having adequate controls in place to efficiently combat and report on these “nefarious“ practices. ... Read More
Affordable quality healthcare – You get what you pay for
November 2022 Join Jill Larkan – Head of Healthcare Consulting as she unpacks the complicated topic of affordable quality healthcare in the November 2022 edition of Cover Magazine. Click here to read the full article.
The importance of trust in active fund management
1 October 2022 Clive Eggers, Head – Multi Managed Portfolios, details the importance of the required trust between an investor and their selected asset managers. Click here to read the article
PMR interview with GTC – Award winners for 5 consecutive years
Interview with Johan Hattingh – CEO of PMR and Gary Mockler – CEO of GTC. Johan Hattingh: Morning Gary. For the readers – Gary Mockler is the CEO of GTC. Congratulations on this year’s PMR Arrow Award. GTC has won the top-ranking Diamond Award of Excellence for the past five years. Additionally, over the last five GTC has the highest score of any company in your category. We’d like to know some more about you guys. So specifically, who is GTC, where did you come from, and is GTC an acronym for a longer name? Gary Mockler: Whew, a short question which requires a longer answer. We used to be Grant Thornton Capital, integrally part of the global audit practice – Grant Thornton. In fact, we pre-date Grant Thornton Capital. In 1991 we started our business as part... Read More
South African medical aid increases
Medical aid scheme increases in South Africa 25 August 2022 Medical schemes typically increase their contributions in January each year. The Covid pandemic disrupted this routine, and many schemes deferred their 2022 increases, with the biggest open medical scheme, Discovery, first deferring its increases from January to May 2022, and then until October. While the January to May 2023 increases have not yet been announced, Discovery has confirmed a 7.9% increase in October. Other schemes increased their contributions earlier in the year, although many were also deferred. The October increases will almost certainly be followed by scheduled increases in January 2023, says Jill Larkan, Head of Healthcare Consulting at leading financial and wealth advisory business GTC. “Interim increases are administratively expensive and disruptive, and we suspect schemes will return to the traditional January increase date from next year”. Jill Larkan... Read More
Medical aid scheme increases and the anticipated ‘return to normal’ from 2023
15 September 2022 Jill Larkan, Head of Healthcare Consulting was interviewed on Classic Business regarding medical aid scheme increases and the expected ‘return to normal’ increases from January 2023… Listen to the podcast here
The Two-pot System
Introduction On 29 July 2022, National Treasury issued a media statement on the draft tax bills released for public comment. The media statement set out National Treasury’s proposal on promoting the preservation of retirement savings until retirement, coupled with access to a portion of retirement savings before retirement. This proposed new system is called the “Two-pot system” and is scheduled to come into effect on 1 March 2023. However, the implementation date is likely to be delayed, to allow sufficient time for fund rules, administration, and SARS systems to be aligned. National Treasury has requested that public comments be submitted to them by no later than 29 August 2022. The draft bill may be revised dependent on the feedback received from the industry. The Two-pot system – basic construction The Two-pot system introduces a ‘retirement’ and a ‘savings’ pot, with... Read More
