Cap on healthcare broker fees increases by 5%
The new limit applies to contributions received from 1 January.
Compliance and Legislation
Proposed amendment Bill aims to end funeral cover over-insurance
A review of the entire structure of the funeral class would be a better way to prevent over-selling, says Moonstone Compliance’s Paull Lawrence.
Understand the nuances of anti-avoidance rules, or get a binding ruling
Sars binding private ruling highlights the importance of regularly reviewing the nature of a preference share or an equity instrument.
Directory of the FIC’s compliance communications issued in 2023
The directory contains a brief description of each document, a link to the document and, where available, links to other communication related to it.
New implementation date for National Financial Ombud
The Ombud Council also provides an update on the status of the new FAIS Ombud rules.
What you should know about a pension interest at divorce
A specific order in terms of section 7(8) of the Divorce Act is required if spouses want a retirement fund to make a deduction and payment to the non-member spouse.
EU court case may have bearing on SA law
The Court of Justice of the European Union’s recent ruling on the Value Added Tax treatment of directors’ fees prompts a reassessment of local legislation to ascertain the necessity of imposing Vat on such fees.
Must a retirement fund’s rules stipulate the exact number of trustees?
If the rules do not state the actual composition of the board, it will not be possible to determine whether the board is properly constituted at any given time.
Financial regulator again extends the exemption on compliance officer visits
The exemption remains subject to the conditions announced in 2017, and COs must inform FSPs they are operating under the exemption.
Tribunal amends aspects of JSE’s public censure of listed company’s director
The fine of R2m imposed on AYO’s Khalid Abdulla was reduced to R1.2m.
KI’s enquiries could have prevented losses suffered by Stringfellow clients, says FST
‘A key individual is not only responsible to oversee the categories of financial services for which he is licensed, but he bears an oversight role in relation to the FSP generally.’
FAIS Ombud highlights FSPs’ obligations when a policy is replaced
The complaint arose because the policyholders were under the impression the new policy had retroactive cover.
FSCA extends the duration of three exemption Notices
The exemptions relate to the audit report and liquidity requirements, juristic representatives, and professional indemnity or fidelity insurance cover.
‘Courts should not simply rubberstamp punitive costs orders against defaulting consumers’
Judge says the courts have a duty to assess whether contracts do not offend against constitutional principles, as well as the NCA and the CPA.
SA Reserve Bank fines Grindrod Bank R10.73m for FICA non-compliance
The administrative sanctions are the result of an inspection conducted by the Prudential Authority three years ago.
CMS publishes list of approved medical scheme options for 2024
According to the circular, the regulator has approved the launch of only one new option next year.
FIC extends deadlines to comment on two draft guidance communications
These are the PCCs relating to beneficial ownership and the targeted financial sanctions obligations.
