Old Mutual most complained about insurer in South Africa
Old Mutual Life Assurance Company, South Africa’s largest life insurer, has topped the list of complaints filed against insurers, according to latest data from the country’s ombudsman.
South Africa
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Mauritius the fastest growing market for wealth in Africa
The number of millionaires on the offshore island of Mauritius has grown by 20% in the last year, making it the fastest growing wealth market in Africa, a new survey suggests.
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SA unveils new wealth tax to address ‘rampant inequality’
A committee set up to review South Africa’s tax system has revealed plans to introduce a new wealth tax as the country struggles to deal with extreme income inequality coupled with a dwindling tax base.
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DeVere denies ‘unfounded claims’ it uses prohibited funds in SA
International advisory firm deVere has denied claims that it has been investing its South African clients’ money in offshore funds which have not been approved by the country’s regulator, blaming the “unfounded allegations” on a disgruntled former employee.
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DeVere accused of using unlicensed funds in South Africa
International advisory firm deVere has been accused of investing South African clients’ money in offshore funds which have not been approved by the country’s financial services regulator, according to a report by news feed Moneyweb.
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European Wealth expands to South Africa
European Wealth has opened an office in Johannesburg, South Africa, following its recent acquisition of a client bank from Towry Asset Management.
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Old Mutual, Nedbank, Sanlam hit by South Africa’s junk status
South Africa’s credit rating downgrade to junk status has had an inevitable knock-on effect on the country’s life insurers and banks, including Nedbank, Old Mutual and Sanlam.
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Hong Kong signs data-sharing deal with South Africa and Portugal
Hong Kong has agreed to an automatic exchange of information with South Africa and Portugal amid mounting pressure from the OECD and the European Union.
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SA expats in UAE could use tax treaty to avoid new income levy
South African expats working in the Emirates could be exempt from a new tax on their foreign income under the terms of a recently-signed double tax treaty between South Africa and the United Arab Emirates (UAE).
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SA finance minister’s sacking will not halt expat tax plans
The sacking of South Africa’s finance minister will not stop legislation to tax some expats on their foreign income from being introduced, the founder of the South African Expats Tax Petition Group has said.
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Petition against South African expat tax launched
A petition against new legislation that would force South Africans working in countries with no income tax to pay tax in their home nation went live on Sunday.
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UK CISI advisers to visit South Africa on fact-finding mission
The Chartered Institute for Securities & Investment (CISI) is working with London-based firm Perceptive Planning to organise a fact-finding trip to South Africa in October.