The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.
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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 […]
A Toyota Land Cruiser valued at more than R1.2 million found its way into the hands of the general of a rebel army in the Democratic Republic of the Congo (DRC) after a […]
Standard Bank and its lawyers have come under fire from a Durban High Court judge for taking shortcuts in an application against a defaulting homeowner. The bank sought default judgment and an order […]
Moonstone recently reported on the regulatory action the FSCA has taken against past and present trustees of the Private Security Sector Provident Fund (PSSPF) after concluding its three-year investigation into the board. For […]
For the first time since it was established in 2016, the Information Regulator (IR) will be able to enforce its powers and provide an effective remedy to complainants whose right to privacy and […]
In a blow to foreign law graduates who have lived, studied and completed articles and pupilage in South Africa, the Constitutional Court has ruled that a section of the Legal Practice Act (LPA) […]
Another property syndication determination has been sent back to the FAIS Ombud, with the Financial Services Tribunal (FST) stating that the ombud had, among other things, not dealt fairly with the evidence of […]
The Financial Intelligence Centre (FIC) has published a draft directive that requires accountable institutions to screen their employees for competence and integrity, as well as scrutinise employee information against the targeted financial sanctions […]
The Financial Intelligence Centre (FIC) has published a draft public compliance communication with a view to amending Schedule 1 of the Financial Intelligence Centre Act (Fica) to take account of the creation of […]
The two-pot retirement system will come into effect on 1 March next year, according to draft legislation published for public comment by National Treasury on 31 July. However, in an accompanying media release, […]
The Ombudsman for Banking Services (OBS) has issued a communication that alerts consumers to their rights when it comes to debt that has prescribed. According to ombudsman Reana Steyn, most consumers are ignorant […]
The Financial Services Tribunal (FST) has set aside the debarment of a bank employee, saying the possibility or suspicion of the transgression was not a sufficient reason for him to be debarred. The […]
Since their inception in 2009, there have been many misconceptions about crypto assets, often referred to as cryptocurrencies. These misconceptions have cost investors millions of rands and have subsequently been addressed or explained […]
The Financial Services Tribunal (FST) has set aside a determination by the Pension Funds Adjudicator after finding that her office did not serve the complaint on all the affected parties, thereby denying them […]
The Financial Services Tribunal (FST) has sent yet another determination related to an investment in Sharemax back to the FAIS Ombud for reconsideration, with the tribunal saying the ombud needed to apply the […]
Technological development, although rapidly accelerated by the Covid-19 pandemic, has been changing the insurance landscape for some time. Nowhere have the effects of digitalisation been felt more acutely than in the agricultural sector, […]
