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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One of the stories that trended in the media the past week was changes to exchange control regulations, with the 30% foreign investment cap effectively lifted in certain conditions and foreign exchange-traded funds’ […]
As a result of increasing concerns that consumers are potentially experiencing poor outcomes emanating from the sale of add-on insurance policies at point of sale through motor dealerships or as part of vehicle […]
The Financial Intelligence Centre (FIC) is calling for comments from accountable institutions, reporting institutions, supervisory bodies and other persons on the draft Public Compliance Communication 110 (draft PCC 110). According to the Consultation […]
The Financial Sector Regulation Act 9 of 2017 establishes the independent Financial Services Tribunal in terms of section 219 thereof. Upon application by aggrieved persons, the Tribunal is empowered to reconsider decisions of […]
The Financial Sector Regulation Act 9 of 2017 establishes the independent Financial Services Tribunal in terms of section 219 thereof. Upon application by aggrieved persons, the Tribunal is empowered to reconsider decisions of […]
Independent intermediaries authorised by long- and/or short-term insurers to directly collect premiums are now exempt from certain provisions in the 1998 Short-term Insurance Act, 1998 Long-term Insurance Act and related regulations. The exemptions […]
One of the major challenges facing the financial services industry is trying to keep up to date with the requirements of a plethora of regulators. This contains the very real threat of stifling […]
The Financial Intelligence Centre Act (FIC Act) provides for the obligation to report cash transactions above a prescribed threshold in terms of section 28 of the FIC Act. This means that all cash transactions […]
Cheating, fraud and many other forms of unethical behaviour are amongst the biggest personal and societal challenges of our time. In South Africa, we are confronted daily by media reports concerned with allegations […]
The High Court of South Africa provided its judgement on “The Report” of the Public Protector, No. 46 of 2018/19, dated 28 March 2019, last week. This follows a complaint by the Economic […]
“Following years of delaying tactics by the accused, designed to avoid prosecution, an insurance broker has been sentenced to seven years imprisonment for insurance fraud and related crimes,” the Insurance Crime Bureau (SAICB) recently […]
Last week was a busy week at the FSCA office with the publication of four different Conduct Standards. Interested parties are invited to submit comment. ● FSCA Communication 49 of 2020 (RF) Publication […]
Two recent tribunal cases make for quite interesting reading. No dishonest intent In the Mokotedi decision, the employer, a major bank, debarred a financial adviser on the grounds that he lacked the required […]
The Office of the FAIS Ombud often receives complaints related to alleged unfair rejection of claims. One of the latest deals with the calculation of a waiting period that may be imposed in […]
Let me at the outset just caution against popping the champagne corks too soon. The UK Court found in favour of the arguments advanced for policyholders by the FCA on the majority of […]
Let me at the outset just caution against popping the champagne corks too soon. The UK Court found in favour of the arguments advanced for policyholders by the FCA on the majority of […]
