Tribunal rules on Viceroy’s application against R50m penalty for Capitec report
Can the FSCA fine persons not domiciled within the jurisdiction of South Africa’s courts?
Author: Mark Bechard
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Ma-Afrika Hotels back in court with another business interruption case
The hospitality group says the lockdown restrictions discharged it from the liability to pay rent.
MPs accept refinements to omnibus anti-money laundering amendment bill
Trust practitioners are not happy that Treasury ‘ignored’ their proposals to undo the ‘devasting effects’ of the legislation.
Tribunal rules on debarments linked to fall-out between retirement fund administrators
It also clarifies the relationship between the courts’ findings and the reconsideration application.
Proposal to make it easier and cheaper to wind up retirement funds that decide to go into liquidation
The exemption does away with the R50 000 average-benefit-per-member threshold and caps the membership threshold at 100.
‘No undue delay’ in bringing civil claim against bank employee linked to R79m fraud
Pension Funds Adjudicator also failed to appreciate the prospect that Absa’s civil claim would succeed, says the tribunal.
Debarments: satisfying the FAIS Act and guideline requirements for procedural fairness
Ignoring emailed notices of an intention to debar doesn’t make them go away.
MPs decline to process omnibus anti-grey-listing bill
Minister of Finance asked to explain the absence of an assessment of the socio-economic impact of the General Laws Amendment Bill.
Retirement fund members at ‘serious risk’ of losing R470 million in assets
Statutory manager says N-e-FG Administrators transferred money to third parties without the required mandates.
RAF ordered to pay medical expense claims covered by medical schemes
Judge says directive was a ‘flagrant disregard’ of the RAF Act and a ‘hopeless undermining’ of the Constitution.
Fisa makes urgent submission to Parliament on ‘beneficial ownership’ relating to trusts
It says the amendment bill imports a foreign concept that is in conflict with South African trust and property law.
High Court orders unlicensed brokerage to repay client €600 000 plus interest
Ruling provides clarity on the licensing requirements for local agents of foreign providers.
Court confirms order for reinstatement of insurance salesman fired for gross insubordination
He was alleged to have disrespected the CEO during a staff meeting called to address the team’s underperformance.
FAIS Ombud told to reconsider decision in case involving ambiguous policy wording
Insurer argues that ‘days’ means ‘normal days’, but the Financial Services Tribunal does not agree.
FSCA ends its 2021/22 financial year with a net deficit
The FSCA ended its 2022 financial year with a deficit of more than R4.9 million, after recording a surplus of over more than R30m in 2021, its latest annual report shows. The Authority […]
Decline in number of authorised FSPs
The number of authorised FSPs declined by 1.12% between 2021 and 2022, despite the FSCA approving more FSPs this year, the Authority’s annual report for the year to the end of March shows. […]
Finance committee chairperson takes aim at Intellidex report ‘canvassing’ for SA to be grey-listed
The chairperson of the National Assembly’s Standing Committee on Finance (Scof) this week sharply criticised “a section” of the business community for publishing a report suggesting there is an 85% probability that South […]
