SARS pays back R10bn, but some taxpayers’ refunds are being withheld

Taxpayers should inform SARS if they have been unemployed for a full year or longer, to avoid being flagged as non-compliant.

5% levy increase for FSPs gazetted

FSPs will pay 5% more in levies in the 2022/23 levy year than they did in 2021/22, as the FSCA has rejected calls from some stakeholders to implement a lower increase. Our columnist, […]

Averting grey-listing depends on progress with enforcement

National Treasury has reiterated its message that changing legislation will not be enough to avert a potential grey-listing next year; the authorities will have to demonstrate commitment and progress with enforcing legislation aimed […]

High Court orders FSP to pay balance due to client’s executor

The Western Cape High Court has ordered an FSP to pay an executor the balance due on a loan of R1 million, plus costs, after rejecting the company’s defence that its obligations in […]

Treasury publishes omnibus anti-money laundering bill

The process to address deficiencies in the country’s anti-money laundering and anti-terrorism financing legislation got under way this week after Minister of Finance Enoch Godongwana tabled the General Laws (Anti-Money Laundering and Combating […]

New accountable institutions will be given time to bed down Fica compliance

The Financial Intelligence Centre (FIC) will work with entities that become accountable institutions in terms of the amendments to the Financial Intelligence Centre Act (Fica), to help them bed down compliance with the […]

FAIS Ombud answers our questions about Sharemax determinations

The FAIS Ombud, Advocate Nonku Tshombe, says it is impossible to blame the collapse of the Sharemax property syndications on the intervention of the South African Reserve Bank (Sarb) unless “pertinent questions” about […]

CMS to oppose Health Squared’s bid for voluntary liquidation

The Council for Medical Schemes (CMS) was engaged in discussions with seven schemes to consider options for members of Health Squared, which intends to apply for voluntary liquidation on 1 September. In a […]

EFF’s Shivambu rebukes Kganyago for ‘no comment’ on whether foreign currency regulations were violated

EFF MP Floyd Shivambu lambasted South African Reserve Bank (Sarb) Governor Lesetja Kganyago for not responding to a letter asking the central bank to confirm or deny whether President Cyril Ramaphosa had disclosed […]

Retirement fund’s justification for allocating 15% of a death benefit to a ‘customary wife’ was legally defective

The eJoburg Retirement Fund has been ordered to revise a death benefit allocation after the High Court found the deceased’s alleged customary marriage was unlawful and the fund’s justification for allocating 15% of […]

Nova: CIPC notice prohibiting sale of immovable properties is flawed

Nova Propgrow Group Holdings Limited says the compliance notice issued by the Companies and Intellectual Property Commission (CIPC) prohibiting Nova from disposing of its immovable properties is flawed, and its legal team is […]

Low-risk businesses cannot be excluded from the list of accountable institutions, says FIC

Only areas of business where there was no risk of money laundering could be excluded from the ambit of the Financial Intelligence Centre Act (Fica), whereas even low-risk businesses should be accountable institutions, […]

Call for accountable institution amendments to exclude life insurers that provide risk policies

Outsurance Life has proposed that long-term insurers that provide risk products should be excluded as accountable institutions, saying the increased cost of compliance was not proportionate to the low risk these products posed […]

Momoniat: We don’t know who dropped the ball with state capture transactions

National Treasury’s acting director-general, Ismail Momoniat, says mechanisms need to be put in place to ensure that the regulators are doing their job in respect of suspicious financial transactions, noting that Treasury does […]

Putting perceptions about consumers’ financial vulnerability in context

It shouldn’t come as a surprise that the Momentum-Unisa Consumer Financial Vulnerability Index (CFVI) shows that consumers were financially worse off in the second quarter compared with the first three months of this […]

Limit 2023 contribution increases to 5.7%, says Council for Medical Schemes

The Council for Medical Schemes (CMS) has recommended that contribution increases for 2023 should be limited to 5.7%, in line with the South African Reserve Bank’s projected average inflation rate for next year. […]

Procedural errors trip up FSP’s bid to debar a representative

A failure to adhere to the basic procedures set out in the FAIS Act resulted in the Financial Services Tribunal (FST) instructing an FSP to have another go at debarring a representative who […]