
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.
Once implemented on 1 May, undoing the VAT hike could prove nearly impossible. Even if Parliament later votes against the Rates and Monetary Amounts Bill, the logistics of refunding the collected VAT present formidable challenges.
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.
The Authority’s investigation found that most of Lehumo Securities’ client funds were not invested, and returns were paid out from the funds collected.
The Authority also warns about fraudsters impersonating HF Markets, and urges caution when doing business with FXNONSTOP and Tiger Agriculture.
Following its recent purchase of 1Life, Clientèle has signed an agreement to buy micro-insurer Emerald Life.
The rating upgrade is likely to have profound implications for investment portfolios.
The huge penalties imposed by the FSCA and the Prudential Authority raise questions about the clarity and consistency of the factors influencing these fines.
Earlier counselling can help members to make more sustainable financial choices, allowing them to embrace retirement with less stress and greater financial integrity.
Allianz highlights the risks specific to rooftop and ground-mounted PV installations, emphasising the importance of fire safety, storm resilience, and theft prevention.
This is one of the significant changes to the eligibility criteria.
SARS can appoint third parties to deduct tax debts directly from retirement funds, overriding the protections under the Pension Funds Act.
Downgrading to a lower plan may appear to be a cost-saving strategy, but it frequently results in increased out-of-pocket expenses.
The increase is below the 6% CPI-related increase permitted by the Levies Act.
Alexforbes’s Gielie de Swardt shares insights on optimising client engagement, leveraging partnerships, and adapting to tech advancements.
Aspiring financial professionals can pursue their qualifications at Moonstone Business School of Excellence through various bursary and funding options.
Bidvest Life’s Nic Smit suggests shifting from the traditional approach of leading with death coverage to focusing on income protection when engaging younger clients.
The liquidators of Classic Financial Services One are continuing with the collection of debts ‘to collect as much funds as possible for the estate’.
The MTBPS shows tax revenue will be below the Budget estimates, but SARS is adamant it will do everything in its power to collect as much money as it can.
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