Two pots: MPs agree with Cosatu that R25 000 cap on seeding is too low
Retirement industry bodies plead for a later implementation date, but Cosatu says 1 March next year is a ‘red line’.
Author: Mark Bechard
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NCA Credit providers’ FICA obligations
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‘T-Day’ provident fund members ‘should have to opt in to two pots’
Organisations representing the retirement industry call attention to the ‘problematic’ provisions in the draft legislation for the two-pot retirement system.
Adjudicator is studying judgment on late-payment interest on arrear contributions
There is a view that the High Court’s judgment means the in duplum rule does not apply to section 13A(7) interest.
FSP debars representative for not returning a tablet
The fact that the applicant did not sell any products or receive remuneration did not nullify his status as a representative.
Tribunal hands down decision in another MyMo accounts scandal case
Standard Bank debarred a branch team leader for using her own money to activate four accounts without the customers’ consent.
Retirement fund must make up for a member’s lost investment growth
The member’s benefit was transferred from the money market investment into the fund’s business account.
Insurance group goes to High Court to challenge debit order reversals
Clientèle wants the Payments Association of South Africa to change its rules so that it can contest a debit order reversal.
Nedbank attempts to join law firm as defendants in R2.94m email fraud case
Couple allege the bank said it would freeze the account when it became aware of the fraudulent transaction.
Representative debarred for submitting falsified Uber receipts
The Tribunal reiterates that FSPs should not issue a debarment purely on the outcome of a disciplinary hearing.
FSP ‘failed to act’ against reps implicated in hundreds of policy fraud cases
Mbalane Financial Services tells the Tribunal it was entitled to wait for a final forensic report from Old Mutual.
Opposition MPs criticise Sarb for ‘narrow’ Phala Phala investigation
Bringing foreign currency into the country is regulated by the customs and excise legislation and falls under Sars, Kganyago tells MPs.
Tribunal and PA failed to address ‘whistleblower’s’ applications properly
Judge says the FST did not follow a fair procedure when it summarily dismissed the reconsideration application.
Forex trader seeks to have R20m fine and 20-year debarment reconsidered
Craig Massyn submits the penalties imposed on him were disproportionately large compared to those imposed on the other directors of the Praesidium Group.
Medical schemes body loses urgent contempt-of-court application against CMS
The latest round of litigation between the Board of the Healthcare Funders and the CMS over low-cost medical schemes.
Adjudicator did not allow retirement fund to respond fully to a complaint
SCA also finds that the High Court should not have granted punitive cost orders against the fund.
Constitutional Court dismisses Sharemax adviser’s appeal
The High Court was asked to rule on whether the clients’ financial loss was caused by breach of agreement or the Reserve Bank’s intervention.
Tribunal rules on Brite’s application to reconsider R10m fine and licence withdrawal
Did the FSCA’s regulatory reach extended to UK pension funds and structures, held offshore, and permitted and regulated by UK and European Union law?
