Cybersecurity Joint Standard: Authorities announce likely commencement date
The FSCA and PA urge financial institutions to prepare for the standard’s implementation despite the provision for a transitional period.
Compliance and Legislation
Proposed UK tax reform set to shake up expats’ financial plans
The Conservative government’s plan to eliminate the non-domicile tax regime could mean higher taxes for expats on foreign income from April 2025.
Fund rapped for not giving a member a hearing before deciding to withhold his withdrawal benefit
The member, along with two others, was criminally charged because of allegedly fraudulent conduct that cost the employer R4 million.
Equality Court rejects privacy defence in hate speech case
Senior staff at a wealth management company laid complaints against a former shareholder and client.
New Labour Court rules target backlog: what employers need to know
The rules now specify new requirements for review applications, including that the application must contain ‘no more than a concise statement of the grounds of review’.
FSCA proposes amending the conditions for section 14 transfers
The draft amendments address the misalignment between the current prescribed section 14 application forms and the upcoming two-pot regulations.
Tribunal: clear separation of first-party and third-party risks within cell structures
The decision clarifies the boundaries and regulations concerning reinsurance business conducted through cell captive structures.
FSCA issues directive to funeral service: thousands of clients affected
The Authority instructs Hernell Funerals to cease operating as an unauthorised FSP and insurer.
Legal experts advise companies to bolster internal anti-corruption measures
A recent amendment means members of private or public companies who fail to prevent their ‘associates’ from participating in corruption will face liability.
Unnoticed changes to documents crucial to BI dispute between mall owners and insurers
The contract went through 10 iterations between July 2019 and March 2020, with the term ‘infectious and contagious diseases’ variously in or out.
High Court orders insurer to reconsider unfair debarment carried out in 2016
The applicant only became aware in May last year that the decision to debar her constituted administrative action.
Cybercriminals ramp up their attacks on tax practitioners
SARS responds to reports of hackers accessing practitioners’ eFiling profiles, removing clients, and changing banking details.
Insurance quote manipulation: Tribunal orders Discovery to reconsider debarments
The onus lies with the FSP to prove the facts it relies upon to debar its representative on a balance of probabilities.
Failure to act timeously over arrear contributions places members’ benefits at risk
Over half of the awards issued by the Pension Funds Adjudicator for complaints about unpaid contributions were affected because part of the claim had expired.
FSCA shares list of currently licensed crypto asset service providers
The Authority responds to media statements by entities claiming to be the first or only licensed institutions.
Crypto transfers: new client information requirements coming for CASPs and intermediaries
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
Ruling confirms that a layperson can represent a taxpayer in a Tax Court
The ruling makes the Tax Courts more accessible, but there are risks to taking on SARS without a qualified and experienced legal representative.
