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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The commencement dates of certain provisions under the Financial Sector Regulation Act has recently amended and as a result published in a Government Gazette. Some of these include: ● Chapter 14 (sections 175 […]
The FSCA has just released their response to comments received on the published draft Exemptions from the STIA and LTIA Regulations. In addition, the FSCA also published the following two exemption notices which […]
The FSCA has just released their response to comments received on the published draft Exemptions from the STIA and LTIA Regulations. In addition, the FSCA also published the following two exemption notices which […]
The Financial Intelligence Centre (FIC) has just published Public Compliance Communication No 43 (PCC43). The objective of the communication is to provide accountable institutions (AI) with the FIC’s view on compliance with their customer […]
The FSCA has an ongoing responsibility to take appropriate remedial and enforcement action where a financial institution has failed to comply with the law. A few of the latest enforcement orders issued by […]
A recent Financial Services Tribunal case highlights the jurisdiction of the Pension Funds Adjudicator (PFA) in so far as group life insurance scheme falls under the Pension Funds Act are concerned. Case background […]
A court ruling has empowered consumers to force their medical aids to fund any drug or medical care a doctor considers necessary to treat any disease that falls under the “Prescribed Minimum Benefits” […]
A court ruling has empowered consumers to force their medical aids to fund any drug or medical care a doctor considers necessary to treat any disease that falls under the “Prescribed Minimum Benefits” […]
Sales staff turnover in the financial services industry has always been notoriously high. Of late, it has become evident, from decisions by the Financial Services Tribunal, that due process was not always followed […]
As a result of the right to appeal against a debarment decision, there was a substantial increase in debarment cases referred to the Tribunal since April 2018. In most of these cases the process […]
“Consequential loss” has always been a grey area in the short-term insurance industry. The South African Insurance Association (SAIA) defines “consequential loss” as “a loss not directly caused by the insured event, but […]
“Consequential loss” has always been a grey area in the short-term insurance industry. The South African Insurance Association (SAIA) defines “consequential loss” as “a loss not directly caused by the insured event, but […]
1. Draft Public Compliance Communication 102 on Supervisory Body Access to STR and STR information The draft PCC 102 sets out the provisions of the FIC Act that allows for certain supervisory bodies, […]
Towards the end of 2019, a ruling by the Western Cape High Court made headlines in various media. The ruling found in favour of the Stellenbosch University Law Clinic, Summit Financial Partners and […]
1. Draft PCC 102 on Compliance Communication – access for certain supervisory bodies to suspicious and unusual transaction reports The Financial Intelligence Centre (FIC) is calling for comments from supervisory bodies, accountable and […]
The ability to deliver a consistent level of service across all channels is an increasingly important competitive differentiator for financial services providers. This was one of the outcomes of a recent international study […]
