FSCA aligns waiting periods for funeral policy benefits across insurers
Microinsurers are no longer restricted to imposing a waiting period of three months for a death, disability, or health event resulting from natural causes.
exemption
Why policyholders complained to the short-term ombudsman in 2023
‘Lack of maintenance or wear and tear’ gave rise to most of the disputes in several categories of insurance.
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Window period for crypto asset FSPs to apply for a licence opens on 1 June
The FSCA wants to know whether applicants are compliant with the Financial Intelligence Centre Act.
Easier winding-up process for retirement funds that decide to go into liquidation
FSCA implements notice exempting funds from certain qualifying criteria in Board Notice 75.
FSCA grants another extension for exemption on payment for collecting premiums
An independent intermediary must be authorised by the insurer to engage in ‘direct collection of premium’ activities.
Proposal to make it easier and cheaper to wind up retirement funds that decide to go into liquidation
The exemption does away with the R50 000 average-benefit-per-member threshold and caps the membership threshold at 100.
What crypto asset providers need to know about licensing, regulation
Which entities are included in the FSCA’s declaration, the transitional arrangements, and the conditions attached to the exemptions.
Unpacking the proposed regulatory exemptions for crypto FSPs
The exemptions apply to crypto FSPs, their key individuals and representatives, and crypto asset supervised representatives
‘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 […]
FSCA extends professional indemnity and fidelity insurance exemptions
The FSCA last week published two notices relating to the guarantee, professional indemnity (PI) and fidelity insurance (FI) exemptions granted to certain types of FSPs. The FSCA has once again extended, to 31 […]
FSCA wants ‘honesty and integrity’ Joint Standard to apply to the significant owners of FSPs
The FSCA is proposing that significant owners of FSPs become subject to the honesty and integrity requirements of Joint Standard 1 of 2020, saying the amendment is required urgently to prevent South Africa […]
FSCA proposes to ease requirements for CIS portfolio amalgamations
The FSCA has published a draft notice setting out the conditions under which collective investment scheme (CIS) managers will be exempt from some of the requirements of the Collective Investment Schemes Control Act […]
Cash-strapped FSP gets no relief from the tribunal
The Financial Services Tribunal has declined an FSP’s request for reconsideration of the FSCA’s refusal to exempt him from the Fit and Proper Requirements on the grounds of financial hardship. In 2020, George […]
FSCA to exempt non-life brokers from clawbacks when a policy is voided because of non-disclosure
The FSCA has proposed amending the Short-term Insurance Act regulations to exempt independent intermediaries from commission clawbacks when a policy is voided because of material misrepresentation or non-disclosure by the policyholder. Regulation 5.4 […]
No more ‘double dipping’ when ceasing tax residency
National Treasury intends to close an anomaly in the Income Tax Act that enables individuals whose tax residency ceases to double dip into certain exemptions and exclusions, according to the 2022 Budget Review. […]
FSCA – Various Exemption Extensions
On 26 February 2021, the Financial Sector Conduct Authority (FSCA) released the following three FAIS Notices: 1. FSCA FAIS Notice 15 of 2021 – Exemption of Juristic Representatives from section 13(1)(c) of the […]
FSCA – Various Exemption Extensions
On 26 February 2021, the Financial Sector Conduct Authority (FSCA) released the following three FAIS Notices: 1. FSCA FAIS Notice 15 of 2021 – Exemption of Juristic Representatives from section 13(1)(c) of the […]
