Changes to aspects of FAIS Ombud’s approach to handling complaints

The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.

Minister of Finance raises Fica cash reporting threshold

Period within which cash transactions must be reported is also extended

FIC helped to recover 51% more in proceeds from crime

But blocked 66% less as suspected proceeds of crime in 2021/22.

Judgments in favour of Multisure remain suspended pending KGA’s appeal

Multisure Corporation’s attempt bring into operation the High Court order cancelling its intermediary agreement with KGA Life has failed, despite a successful High Court ruling last month, because KGA has been granted leave […]

‘Honesty and integrity’ requirement now applies to the significant owners of FSPs

The publication of the final amendments to Joint Standard 1 of 2020 by the FSCA means that the significant owners of FSPs must now comply with the honesty and integrity requirement from which […]

5% levy increase for FSPs gazetted

FSPs will pay 5% more in levies in the 2022/23 levy year than they did in 2021/22, as the FSCA has rejected calls from some stakeholders to implement a lower increase. Our columnist, […]

Treasury publishes omnibus anti-money laundering bill

The process to address deficiencies in the country’s anti-money laundering and anti-terrorism financing legislation got under way this week after Minister of Finance Enoch Godongwana tabled the General Laws (Anti-Money Laundering and Combating […]

Asisa releases report on transformation scorecards of life offices and asset managers

Life offices and asset managers represented by the Association for Savings and Investment South Africa (Asisa) have collectively made progress towards achieving the transformation targets set by the amended Financial Sector Code (FSC), […]

Information Regulator publishes prescribed form for reporting data breaches

The Information Regulator (IR) has published a notification form, and accompanying guidelines, for reporting actual or potential security compromises, so that responsible parties can comply with their obligations in terms of section 22 […]

FSCA wants ownership reports from certain FSPs and CIS managers

Hot on the heels of its proposed amendments to Joint Standard 1 of 2020 pertaining to the significant owners of FSPs, the FSCA has asked for reports from certain FSPs and collective investment […]

Limit 2023 contribution increases to 5.7%, says Council for Medical Schemes

The Council for Medical Schemes (CMS) has recommended that contribution increases for 2023 should be limited to 5.7%, in line with the South African Reserve Bank’s projected average inflation rate for next year. […]

FIC publishes draft directive on employee screening

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 […]