SARS pays back R10bn, but some taxpayers’ refunds are being withheld

Taxpayers should inform SARS if they have been unemployed for a full year or longer, to avoid being flagged as non-compliant.

New Financial Intelligence Centre Notices

The FIC published two new notices on 25 April: Notice 1: “The FIC is in the process of validating the applications of those registrants who have applied for access and to whom the […]

Tax Law Changes and Provident Funds

Provident fund members stand to gain a significant income boost from tax law changes – GTC Wealth Management The changes to legislation regarding provident fund cash lump sums at retirement hit the headlines […]

New Proposals affecting Compliance Officers

Two new draft Board Notices were published by the FSB last week. The first aims to provide clarity on what will be required of current Compliance Officers in terms of regulatory exams, while […]

Latest on POPI

The Protection of Personal Information Act features fairly regularly in the news, and training offers are abundant, but not yet really necessary, in our view, as the Act only takes effect one year […]

Cautionary note to CIS Managers

Board Notice 92 of 2014 was promulgated in August 2014. It prescribed disclosure requirements, and came into effect on 1 May 2015. The Registrar adopted a phase-in approach in order to allow Managers time to gain […]

FSB warnings to the public

The Financial Services Board cautioned the public against dealing with two unauthorised entities using fake FSB certificates. Millenniums Financial Services CC is not authorised in terms of the Financial Advisory and Intermediary Services […]

FIC Registration Requirements

It appears that there is still uncertainty about who is required to register with the Financial Intelligence Centre. PCC05A, which came into effect on 30 March 2016, provides additional clarity on the position of financial […]

Ministry of Finance on Offshore Accounts

A special voluntary disclosure programme (VDP) was proposed in the 2016 Budget to make it easier for non-compliant individuals and firms to disclose assets held and income earned offshore. As was noted in […]

FIA on Health Minister’s assertions

Justus van Pletzen, CEO at the Financial Intermediaries Association of Southern Africa (FIA), provided a much needed perspective on the issue of the impact of broker commission on the cost of private healthcare. […]

National Credit Act (NCA) Course

Moonstone Business School of Excellence offers the National Credit Act (NCA) Course for: Intermediaries in the Motor industry who are Finance and Insurance brokers (F&I). Industry providers of personal loans, HP agreements, credit […]

Causal event charges investigated

An article in Personal Finance titled, Whistle-blower helping FSB with research into penalties announces the contracting of an expert by the FSB to assist in monitoring adherence to prescriptions contained in Directive 153 which […]

Professional Indemnity Update

At a recent Moonstone Compliance Conference, one of our compliance officers, Bronwen Allan, did a presentation titled “PI Cover and the rise of claims”. Her view is that a compliance officer who better […]

Restraint of trade conditions and debarments

DM writes as follows: I read through your interesting article concerning restraint of trade conditions. This is a subject I believe should be addressed in much more detail. I am in a situation […]

Failure to follow up proves costly

The latest FAIS Ombud determination provides clarity on a few perspectives of great importance to FSPs and is discussed separately in this newsletter. The parties are Jacques Du Toit, the complainant, Barrington Insurance […]

FIC and Motor Vehicle Dealers

The Financial Intelligence Centre (FIC) has revised Public Compliance Communication 07 (PCC07) to explain the duties of motor vehicle dealers when reporting cash transactions of more than R24 999.99 to the FIC. The Centre […]

Genesis Appeal Denied

LegalBrief Today commented as follows on the outcome of the Scheme’s application for leave to appeal against an SCAS finding. In what a Business Day report says is a decision that has far-reaching […]