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.

Old Mutual/Living Hands judgment: consider your verdict

In its response to the High Court’s decision in the Living Hands matter, Old Mutual said it was concerned about the precedent that the judgment sets “for the rest of the financial services […]

FIC publishes draft communications on data privacy and anti-terrorism financing

The Financial Intelligence Centre (FIC) has called for comments on draft public compliance communications that clarify the interplay between the Financial Intelligence Centre Act (Fica) and the Protection of Personal Information Act (Popia) […]

FSCA wants to set FAIS Ombud’s compensation limit at R3.5m

The FSCA is proposing to increase the FAIS Ombud’s compensation limit from R800 000 to R3.5 million. In a communication published this week, the FSCA said the proposal is the result of a recommendation […]

SCA thwarts man’s bid to keep assets from his wife during divorce trial

A wealthy Durban businessman has failed in his bid to “hide” more than R5.5 million from his wife. He had hastily established a trust and repaid his father an old debt. The Supreme […]

CMS proposes changes to the appointment of brokers by employers on behalf of employees

The Council for Medical Schemes (CMS) is proposing to introduce new guidelines on the appointment of brokers by employers on behalf of employees. In a circular published this week, the CMS said it […]

UK award sets up Videosign for new growth trajectory

Videosign, the unique online meeting platform that allows for e-commissioning and the remote witnessing of signatures, is set to enter a new growth phase after winning the Innovation and Technology Award at the […]

Fund cannot withhold a benefit if an employer has only instituted criminal charges

The Financial Services Tribunal (FST) has reiterated that a retirement fund cannot withhold a benefit if only a criminal case has been instituted against a member. In fact, even if the member has […]

Court ruling has major implications for divorcing couples married out of community of property

The Pretoria High Court has asked the Constitutional Court to confirm an order that will have significant implications for how assets are redistributed when couples who are married out of community get divorced. […]

Funds given until 6 May to submit information on paid-up members

The FSCA is ramping up its efforts to trace unclaimed benefits and wants retirement funds and administrators to provide it with information, every three months, about their paid-up members, in addition to information […]

CMM curators still waiting for prosecutions

The National Prosecuting Authority (NPA) has yet to take action against those responsible for the losses incurred by investors in Corporate Money Managers (CMM), although the matter was brought its attention in 2017. […]

FSCA will use its enforcement powers to promote transformation

The FSCA has outlined how it intends to promote transformation in the financial sector, both now and, more importantly, once the Conduct of Financial Institutions (Cofi) Bill becomes law. This week, the Authority […]

Tax ombud publishes summary of taxpayers’ rights and obligations

The Office of the Tax Ombud (OTO) has published a draft “Compendium of taxpayer rights, entitlements and obligations” for public comment. It is not an enforceable “bill of rights” but a compilation of […]

Draft standard on cybersecurity published for comment

The FSCA and the Prudential Authority (PA) have published, for comment, the draft Joint Standard: Cybersecurity and Cyber Resilience Requirements, which sets out the minimum standards for sound practices and processes of cybersecurity […]

Survey shows South Africans divided over compulsory vaccination

More than half of adult South Africans support employers making Covid-19 vaccinations compulsory and proof of vaccination to enter public places (vaccine passports), according to a survey by the Centre for Social Change […]

‘Cyber risk is an opportunity for brokers to showcase their value’

The systemic nature of cyber risk provides intermediaries with an unprecedented opportunity to show-case their value to clients, Andrew Coutts, Santam’s head of Intermediated Distribution, told the recent InsureTalk18 online conference. It is […]

The qualification for financial planners who want to be on top of their game

It’s not possible to provide clients with proper, holistic financial advice unless you’ve obtained the Postgraduate Diploma in Financial Planning, says Hester van der Merwe, the Financial Planning Institute’s Financial Planner of the […]