The law – should it be applied or enforced?
In District Six, the musical, one of the songs asks: The law, the law, the law. What for? The answer comes from Kris Kristofersson: The law is for protection of the people. After […]
How the process to make withdrawals from the savings ‘pot’ will work
Retirement fund members must ensure their fund has their correct details and they are registered as a taxpayer with SARS.
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Sars ruling highlights need to understand implications of investing in hybrid offshore pension products
South Africans are increasingly mobile, either working abroad, staying abroad for extended periods, or opting to retire outside of South Africa. This has increased the focus on foreign pension products because South African […]
Bidvest Life’s claim volumes jump 44% in 2021
Bidvest Life recorded the highest number of claims in its 27-year history last year, with claim volumes increasing by 44% compared to 2020. The spike was largely driven by an increase in Covid-19 […]
Constantia’s policyholders with claims will have to join the queue of creditors if the insurer is liquidated
Policyholders of Constantia Insurance Company Limited (CICL) who have outstanding claims will have to join the queue of creditors if the application to have the insurer liquidated is granted. Last week, the provisional […]
US charges hedge fund’s CIO with manipulating dollar/rand exchange rate to trigger $20m payment
The United States Attorney’s Office in New York has charged the co-founder and chief investment officer of a UK-based hedge fund with manipulating the US dollar/rand exchange rate to trigger a $20 million […]
Information Regulator’s portal for registering information officers goes live
The Information Regulator (IR) says its online portals for the registration of information officers and the submission of Promotion of Access to Information Act (PAIA) reports have gone live. Information officers who are […]
PA proposes additional due diligence for life insurance beneficiaries
Life insurers will have to incorporate beneficiaries as a risk factor when determining a client’s overall money laundering and terrorist financing (ML/TF) risk, according to a proposed directive published for comment by the […]
FIC publishes risk management and compliance programme guide for smaller non-financial entities
The Financial Intelligence Centre (FIC) has published a document to guide designated non-financial businesses and professions (DNFBPs) in developing and implementing their risk management and compliance programmes (RMCPs). Public Compliance Communication (PCC) 53 […]
Sars can search and seize your property without a warrant
The Tax Administration Act (TAA) permits the warrantless search and seizure of a taxpayer’s property by the South African Revenue Service (Sars). However, this has been under scrutiny for many years because of […]
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, […]
CMS’s bid to strike a deal for Health Squared members fails
The bid by the Council for Medical Schemes (CMS) to strike a deal with seven open medical schemes, plus the Government Employees Medical Scheme, to on-board members of Health Squared without underwriting and […]
Averting grey-listing depends on progress with enforcement
National Treasury has reiterated its message that changing legislation will not be enough to avert a potential grey-listing next year; the authorities will have to demonstrate commitment and progress with enforcing legislation aimed […]
FSCA clarifies notification of Fica sanctions
In last week’s Moonstone Monitor, we published an article titled “FSCA publishes notices issued to FSPs for Fica non-compliance”. The article stated that the FSCA had informed subscribers to its communications that it […]
‘Raids don’t mean all the insurers are guilty’
Conducting raids on the premises of the eight life insurers under investigation by the Competition Commission for alleged collusion and price-fixing did not mean that all of them were guilty, Fin24 reports Commissioner […]
Sarb wants answers from Ramaphosa’s lawyers by 8 September
The South African Reserve Bank (Sarb) has asked legal advisers to President Cyril Ramaphosa to respond by September 8 to requests for further information as it probes the theft of foreign currency from […]
Mom wins court battle against medical scheme to cover the cost of treating her son’s rare condition
An Alberton mom has won a significant court battle against her medical scheme, forcing it to pay for an expensive drug that her three-year-old son needs to treat a rare inherited genetic disorder. […]
