Advice in your interests

Last week the National Treasury released draft regulations in terms of the Long Term Insurance Act for comment dealing with enhanced consumer protection and revised commission structures for contractual savings products provided by life assurors.

Essentially, the draft regulations propose that the penalties imposed by life offices for retirement annuities are to be halved to a maximum of 15%. A number of consumer protection measures are also included in the draft regulations relating to making an endowment policy or a retirement annuity paid up or reducing contributions. Full details are available on www.treasury.gov.za

Due to these issues our clients have the comfort of knowing that we do not use life offices for any retirement annuities, or endowments for that matter. We follow a 'purest investment strategy' whereby we invest clients' capital directly with investment management companies who are obsessed and focused on performance only. We firmly believe that one should only use life offices to cover for risk benefits such as life, disability and dread disease cover.

Silke Financial Services has the skill and expertise to perform a Needs Analysis for businesses and individuals and to provide advice on the most appropriate products and services.

If you have any queries regarding the above commentary please contact us on 021 683 3380 or info@silke.co.za.