Money, Markets and Masterminds

Hosted by Citywire

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Jul 2026

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About the show

The podcast where we unravel the intricacies of investment, explore the ever-changing market, and tap into the wisdom of the masterminds who shape them both.

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July 30, 202638 min

Why the biggest regulatory shift in years is still to come

South Africa’s financial services industry is on the brink of its biggest regulatory overhaul in years, yet many advisers may still be underestimating what’s coming. In the latest episode of Money, Markets and Masterminds, FSCA divisional executive for regulatory policy Eugene du Toit unpacks the regulator’s new three-year regulation plan, explains where the COFI Bill fits into the picture, and why the future of regulation is about far more than simply adding new rules. Du Toit also reveals why the FSCA is determined to reduce regulatory complexity over time, shares what advisory firms should be doing now to prepare, and discusses how artificial intelligence, open finance, cyber resilience and other emerging technologies are reshaping the regulatory landscape. If you want to understand where regulation is heading before everyone else, this is a conversation you won’t want to miss.

July 28, 202628 min

The adviser’s outsourcing dilemma

Are advisers still investment managers, or have they become relationship managers in an increasingly outsourced world? In this month’s DFM Discussion on Money, Markets and Masterminds, Citywire South Africa editor Ruan Jooste sits down with Equilibrium managing director Florbela Yates to tackle one of the biggest structural shifts in financial advice: the rise of the discretionary fund manager. They unpack why more advisers are handing over investment decisions, whether DFMs are genuinely improving client outcomes or simply helping practices scale faster, and what advisers should really be looking for beyond a three-year performance table. The conversation also explores fee pressure, operational due diligence, AI, digital engagement, alternative assets and why short-term performance chasing remains one of the industry’s biggest pitfalls.

June 26, 202626 min

Finfluencers, financial literacy and the future of advice

In this month’s Regulatory Rulebook episode, Citywire South Africa is joined by Koko Kubelo, Senior Manager in Market Research and Economic Analysis at the Financial Sector Conduct Authority (FSCA), to unpack one of the biggest shifts shaping investor behaviour. Why is the FSCA studying finfluencers? Where is the line between financial education and regulated advice? How can consumers protect themselves from increasingly sophisticated online scams? And what role should financial advisers play in a digital world where credibility is often measured in likes and followers? Whether you’re a financial adviser, fund selector or simply interested in the future of investing, this is a conversation you won’t want to miss.

June 18, 202629 min

The Long Game: The risks nobody is pricing in

Professor Adrian Saville explains why unintended consequences may be investors’ greatest blind spot. Teaser: On this quarterly edition of The Long Game, part of Citywire South Africa’s Money, Markets and Masterminds podcast, Professor Adrian Saville, investment strategist and professor at GIBS, discusses why investors often focus on visible risks while ignoring the second-order consequences that can derail portfolios. From AI and SpaceX to passive investing and bonds, he explores the exposures markets may not be pricing in.

June 12, 202638 min

Why asset allocation still trumps market noise

In the latest DFM Discussion episode of Money, Markets and Masterminds, Citywire South Africa editor Ruan Jooste sits down with George Dell, executive director at MitonOptimal South Africa and chair of the FIA’s Discretionary Investments Committee, and Jacques de Kock, head of portfolio management at MitonOptimal South Africa. The trio unpack the challenges facing advisers and investors in an increasingly uncertain world, from market concentration and offshore opportunities to crypto, artificial intelligence and the evolution of the DFM industry. Despite the noise, De Kock argues that asset allocation remains the single biggest driver of long-term returns.

May 28, 202627 min

FSCA warns crypto licence is not a stamp of approval

In the latest episode of Regulatory Rulebook, part of Citywire South Africa Money, Markets and Masterminds podcast series, Diketso Mashigo, departmental head of licensing at the Financial Sector Conduct Authority (FSCA), unpacks the regulator’s evolving approach to crypto asset service providers, why South Africa adopted an interim framework instead of waiting for perfect legislation, and how the FSCA is preparing for the next wave of risks around stablecoins, tokenisation, finfluencers, and digital asset innovation.

May 27, 202627 min

Why some DFMs may not survive South Africa’s outsourcing boom

South Africa’s DFM market is expanding quickly, but Glacier Invest’s head of Implemented Consulting at Glacier Invest, Rafiq Taylor says not every business will survive the next phase of growth. Speaking to Citywire South Africa on this month’s DFM Discussion, Taylor highlights growing pressure from fee compression, tighter margins and rising competition. The episode also covers governance, AI’s role in investing, and why hedge funds and private markets could offer major opportunities in the years ahead. Listen to the latest episode of Money, Markets, and Masterminds.

April 30, 202634 min

FSCA’s Astrid Ludin on two-pot, Cofi and the next era for regulation

In this special edition of the Regulatory Rulebook series, Citywire South Africa sits down with Astrid Ludin, outgoing deputy commissioner at the Financial Sector Conduct Authority and president of the International Organisation of Pension Supervisors, for a rare exit interview. From the successful rollout of the two-pot retirement system to the shift towards risk-based supervision, Ludin unpacks the defining moments of her tenure and the unintended consequences now emerging. She also addresses industry pressure points, including employer non-payment of contributions, rising withdrawals, and the growing importance of data and digital infrastructure.

April 30, 202636 min

DFM value has moved beyond portfolios

Investment Solutions by Alexforbes has reached its two-year track record, giving advisers a clearer view of where the discretionary fund manager (DFM) is adding value and where the model still faces friction. In this episode, Alexforbes DFM specialist and portfolio manager Nadir Thokan discusses performance, manager selection, platform constraints, private markets, fee transparency and why the next phase of DFM growth will depend on genuine differentiation.

March 27, 202622 min

Where insurers are still failing customers

From complex products no one fully understands to pricing that quietly erodes value, the Financial Sector Conduct Authority lifts the lid on the biggest conduct risks still lurking in South Africa’s insurance sector in the latest segment of the Regulatory Rulebook. In this episode of Money, Markets, and Masterminds, Brenda Norton, manager in the Insurance Supervision Department within the Conduct of Business division at the FSCA unpacks why disclosure is no longer enough, where claims are still breaking down and how upcoming reforms could reshape accountability across insurers, advisers and distribution models.