Fifth wave could hit SA in April or May
A fifth wave of Covid-19 could hit South Africa in April or May, but Discovery thinks it is unlikely that it will be more severe than previous waves, says group’s chief executive, Adrian […]
Author: Mark Bechard
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Tribunal not confident FSP will follow the correct debarment procedure
The Financial Services Tribunal has set aside the debarment of a representative and declined to refer the matter back to the FSP for reconsideration, because the tribunal had no confidence that the FSP […]
5.5% increase for GEPF pensioners
Pensioners who belong to the Government Employees Pension Fund (GEPF) will receive a 5.5% pension increase on 1 April. Pensioners who retired on or before 1 April 2021 will receive the full increase, […]
Fundi Tshazibana to head the Prudential Authority
The South Africa Reserve Bank has appointed deputy governor Fundi Tshazibana as the chief executive of the Prudential Authority (PA), in a rotation of deputy governor positions, the SARB said in a statement […]
Sars is not targeting taxpayers unfairly, says Kieswetter
The SA Revenue Service (Sars) has “a long way to go” before its service reached an acceptable level and it was “striving hard” to strike a better balance between customer service and risk […]
PSG Group to unbundle, delist in bid to reduce share discount
The PSG Group plans to unbundle its investments and delist from the JSE in an attempt to reduce the 30% discount at which its shares trade to the value of the group’s underlying […]
CMM curators still waiting for prosecutions
The National Prosecuting Authority (NPA) has yet to take action against those responsible for the losses incurred by investors in Corporate Money Managers (CMM), although the matter was brought its attention in 2017. […]
SA cannot avoid tax increases, says Finance and Fiscal Commission deputy chairman
“We need to have a serious debate about raising taxes, because taxes are going to have to go up. There is no doubt about it in my mind,” Michael Sachs, the deputy chairman […]
FSCA publishes draft conduct standard on benchmarks
The FSCA has published a draft conduct standard on the requirements for providing a benchmark in South Africa. This follows the publication in September last year by National Treasury of draft regulations that […]
PA loses bid to remove Ram as 3Sixty Life’s curator
The Prudential Authority (PA) has lost its urgent application to replace Yashoda Ram as the provisional curator of 3Sixty Life, with the Gauteng High Court ruling on Thursday that the regulator had “adopted […]
R3.2bn of Santam’s record R24.5bn claims pay-out went to BI policyholders
Santam paid out R24.5 billion (2020: R21bn) in claims last year, the highest gross claims pay-out in its 104-year history, the country’s biggest short-term insurer said in its financial results for the year […]
FSCA will use its enforcement powers to promote transformation
The FSCA has outlined how it intends to promote transformation in the financial sector, both now and, more importantly, once the Conduct of Financial Institutions (Cofi) Bill becomes law. This week, the Authority […]
‘Fit and proper’ exemptions for credit life, funeral insurance FSPs
The FSCA is exempting FSPs, key individuals and representatives who operate in the credit life and funeral insurance space from some of the Fit and Proper Requirements. The reason for the exemptions is […]
Appeal Board upholds R1m fine on truck dealership for Fica non-compliance
The Appeal Board of the Financial Intelligence Centre (FIC) has upheld the effective penalty of R1 065 924 imposed on Gauteng-based Truck World for failing to report transactions exceeding the cash threshold of R24 999.99. […]
Tribunal: FSPs must adhere to section 14 when debarring representatives
The Financial Services Tribunal’s decision in January to set aside the debarment of a financial planner highlights the importance of FSPs adhering to the requirements of section 14 of the FAIS Act and […]
FSCA fines Pioneer FX and Quintin Moorcroft R2m
The FSCA has jointly fined Pioneer FX (Pty) Ltd and Quintin Moorcroft for rendering financial services without authorisation. It has also debarred Moorcroft for 10 years. The Authority said, as a result of […]
Budget proposes changes to the tax regime of retirement funds
The government proposes to address anomalies in the Income Tax Act to ensure that members of pension and provident funds are treated alike, according to proposals announced in the Budget Review. The anomalies […]
