Latest News & Developments
old mutual
SA’s economy is a ‘no-growth zone’- and the jobs crisis is just the start
Despite the JSE’s All Share showing significant gains since the pandemic, South Africa is unlikely to achieve the economic growth needed to create a million jobs this year, according to experts.
Old Mutual's robust growth trajectory likely to continue into 2025
Old Mutual announces a 14% rise in adjusted headline earnings for 2024, alongside a new digital banking initiative and a focus on enhancing shareholder returns.
Old Mutual’s Masisizane Fund celebrates paying out R1 billion in funding for SMEs
Masisizane is a developmental and transformational funder within the Old Mutual Group, which it says is driven by a mandate to empower black-owned, women-owned, youth-owned businesses, as well as enterprises from rural areas.
Wife unhappy as adjudicator allocates more funds to kids, adds mother-in-law on late husband’s R2. 4 million pension fund
The wife, who was initially nominated to get 50% from her late husband’s R2. 4 million pension fund, was aggrieved when her amount was reduced to 25%.
Old Mutual’s ‘Masisizane Fund disburses R1 billion to SMEs, creates over 13,000 jobs
The driving force behind the fund was to empower black-owned, women-owned, youth-owned businesses, as well as enterprises from rural areas, and playing a critical role in fostering inclusive economic growth in the country.
Are the traditional South African insurers about to disrupt the retail banking market?
South African insurers are making bold moves into banking, while banks continue to sell insurance.
Old Mutual has received two-pot claims valued at R2. 3 billion
Fund members need to remember that the money that they withdraw from the two-pot retirement system will be taxed.
SA Reserve Bank hits HSBC and Bidvest Bank with R25 million in fines for FICA non-compliance
The fines imposed on Bidvest and HSBC bank cumulatively amount to at least R25 million, but conditional suspensions may apply.
After almost R16 million in sanctions Old Mutual denies being a ‘conduit for money laundering’
The insurance company has said that it is not a venue or apparatus for money laundering as it reels from R16 million sanctions.
South Africans in their 50’s are gambling with their retirement with the two-pot system
It seems that older people are risking their retirement plans and partaking in the two-pot retirement system.
SARB imposes administrative sanctions on Old Mutual Life Assurance Company
The PA imposed a caution not to repeat the conduct which led to the non-compliance and a financial penalty of R5 million, of which R2 million is conditionally suspended for a period of 36 months.
SA Reserve Bank slaps Old Mutual Life with R15. 9 million penalty due to non-compliance with FICA
Administrative sanctions have been imposed by the South African Reserve Bank due to non-compliance.
Old Mutual’s OM Bank is set to launch in 2025
Pending the remaining Section 17 regulatory conditions, OM Bank from Old Mutual will launch in Q1 2025.
Inflation drops to 2021 levels, interest rate cut could be a done deal
South Africans may not have to tighten their belts so hard this month, as an interest rate cut looks imminent after consumer inflation dropped for a third month.
Rand is below R17. 60 against the dollar and reached its best level since July 2023
The economist said the Reserve Bank has successfully brought inflation within its target range, and with global pressures, particularly from the US, starting to ease, the path for a rate cut seems clear.
Cross-border payments change welcomed
“South Africa must tighten up the regulations to get off the grey list. ”
Interest rate relief expected this week after highest repo rate in 14 years
Old Mutual noted that with inflation under control and consumer demand remaining subdued, the environment seems ripe for a rate cut.
Rand soars against global currencies as interest rate announcement looms
The rand remained strong against global currencies as an interest rate announcement looms.
Old Mutual appoints group stalwart to head the bank it is likely to launch in the next few months
Nethengwe, a long-standing executive of Old Mutual, is suitably qualified to lead the bank as it prepares to go live, Old Mutual said in a statement on Friday. As its next growth phase took off, the bank will ramp up more hires, Iain Williamson, CEO of Old Mutual Group said.
Liquidators and trustees lose court case worth billions against businessman
Mulaudzi was charged with fraud, theft, money laundering and racketeering relating to a R48 million investment gone wrong with Old Mutual.
This is how many South Africans tried to withdraw from the two-pot system in the first day
A huge number of people have taken advantage of the ability to withdraw from their savings through the two-pot retirement system.
Withdrawing cash from your two-pot retirement system savings pot now could have major implications in the future
The two-pot retirement withdrawal may seem like a lifeline but it could end up costing you more at a vulnerable age.
‘It’s cruel scam by government’: Zwelinzima Vavi on the two-pot retirement system
Saftu’s Zwelinzima Vavi insists the two-pot system was introduced as a scheme for the government to raise money through the tax deducted from the workers’ savings and retirement funds.
Why are fewer South Africans now planning to dip into their savings in the two-pot retirement system?
New data suggest South Africans are less interested in drawing from their retirement savings through the new two-pot retirement system.
FSCA sounds the alarm over ANC plan to use pension funds for government investments
The FSCA has opposed the proposal by government to use pension funds for government investments.