R7.7m fine stands as FIC Appeal Board rules against law firm
The firm of attorneys said its non-compliance was not intentional and was the result of a lack of awareness.
ASISA rejects proposed ‘dualistic nature’ of CIS portfolios
ASISA warns that reclassifying collective investment scheme portfolios as profit-making schemes will undermine years of established investment policy.
Treasury analysing SARS data in considering a possible wealth tax
MPs are also told that the fiscus cannot afford a permanent and expanded Social Relief of Distress grant without tax increases.
Corporate taxpayers sceptical of SARS’s service delivery gains
Half of corporate taxpayers in PwC’s latest survey express dissatisfaction with SARS’s service improvements. Only 3% report a positive shift, while audit delays and penalty disputes remain a major pain point.
Dispute over cancelled policy: FST orders FAIS Ombud to reconsider decision
The Tribunal’s decision underscores that financial advisers’ duties are limited to the specific terms of their engagement.
Pension Funds Act amendments spark uncertainty over divorce and maintenance deductions
There is a legal grey area over the calculation of pension interest in divorce settlements and whether funds may now be permitted to make deductions for future maintenance orders.
Auto & General’s Knysna fires advert is not offensive, says ARB
Insurance advertising often addresses personal experiences of loss and hardship, so they are likely to trigger strong emotional responses, the Board says.
Tax Ombud flags SARS delays in meeting resolution deadlines
The Tax Ombud’s 2023/24 report highlights delays in SARS meeting resolution deadlines, an increase in complaints, and a concerning rise in eFiling profile hijacking.
Is the FSCA preparing for auto-enrolment to expand retirement coverage?
After years of stalled progress, the FSCA’s recent comments suggest National Treasury may renew its push for auto-enrolment.
Temporary RE exemption for crypto FSPs extended
The Authority gives crypto asset service providers a seven-month reprieve.
FSCA and PA to revamp funeral insurance regulations – call for stakeholder input
Inputs provided during workshops in 2025 will guide the formulation of ‘a pragmatic and balanced approach’ to the regulation and supervision of funeral insurance.
How the COFI Bill will affect the retirement industry
The ‘imminent’ COFI Bill will introduce the licensing of retirement funds (including public sector funds), stricter board member standards, and enhanced oversight of contributing employers.
FAIS Ombud erred in dismissing complaint against insurance broker, says Tribunal
The Ombud failed to investigate key facts around the broker’s alleged negligence in communicating an essential policy requirement.
Life insurers, investment companies report a 46% surge in fraud and dishonesty
The industry lost at least R175.9 million last year but prevented losses of R1.5 billion through enhanced detection efforts, says ASISA.
No more spam calls? Proposed amendment introduces opt-out registry
A proposed amendment to the Consumer Protection Act aims to establish an opt-out registry, allowing consumers to block unsolicited marketing messages.
Accountable institutions given final deadline for DPI
Following widespread challenges with its e-portal, the FSCA has re-opened submissions for its Directive to Provide Information.
Insured’s expert witness more credible than the insurer’s, judge finds
The court ruled that MiWay’s expert analysis relied too heavily on assumptions, while overlooking the driver’s account that he swerved to avoid a dog.
FSCA fines and debars retirement fund administrator’s directors
Fund members lost at least R470m after N-e-FG’s high-risk investments went south in 2021. Now, two of its directors have been fined R30m each.
