Moonstone is positioned to provide guidance amid COFI uncertainty
Moonstone’s innovative approach to compliance, rooted in deep expertise and tailored guidance, is poised to help financial institutions not only comply but also thrive.
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No RMCP, no excuse: FSCA fines three FSPs a combined R735 000
One of the sanctioned FSPs says it’s important to request virtual meetings with the FSCA after each feedback round to ensure all compliance expectations are met.
Tribunal sets aside debarment, citing inadequate notification
The FSP used an email address it obtained from a credit bureau, but the rep denied this address belonged to her.
FSCA probes complaint processes amid surprisingly low filing rates
A survey shows that only 8% of consumers lodged complaints with financial institutions between 2021 and 2023. Does this figure reflect genuine satisfaction or signal barriers in the complaint process?
Tribunal rules against former Sanlam representative in signature dispute
The Financial Services Tribunal dismisses a reconsideration application by a former representative who claimed a client e-signed documents in person.
Ponzi scheme operator sentenced to 10 years for crypto fraud
Five investors sought to recover their money, but the High Court ruled their funds were part of an illegal operation and must be forfeited to the state.
Life insurer debars rep who ‘went off-script’ during sales call
The agent repeatedly deviated from the approved product script. Previous warnings and documented missteps played a key role in the decision.
Tribunal upholds FSCA’s sanctions for unauthorised advice
FSPs must ensure their representatives operate strictly within their authorised product categories and according to the client’s mandate.
FST ruling reinforces need to follow due process in debarments
The Tribunal finds the FSP skipped critical steps, including notifying the representative and giving her an opportunity to respond.
Tribunal upholds debarments for misusing client information
The decisions show that even thwarted attempts to breach confidentiality signal a critical lapse in integrity.
Still scheming? Cobus Geldenhuis caught in new fraud allegations despite debarment
Despite a 20-year debarment, a R143m fine, and even losing a leg in a motorcycle accident, Cobus Geldenhuis is allegedly still defrauding investors under a new alias.
PA report contradicts Ithala and KZN Treasury’s solvency claims
A PA-commissioned solvency report questions Ithala’s financial health, raising concerns about its equity, loan book, and potential shortfall in repaying depositors.
Funeral home fined R11.4m for unauthorised insurance business
The two directors were debarred for 20 and 10 years, respectively.
Common pitfalls in succession planning for small FSPs
The assumption that heirs will smoothly take over a small FSP is often unrealistic. KI requirements, leadership gaps, and legal delays can threaten business continuity.
Removal firm fined for offering insurance without authorisation
The FSCA fines Kings International Removers R1.1 million and debars its owner for eight years.
FSCA fines funeral service R4.4m for unauthorised insurance operations
The two directors of Hernell Funerals have been debarred for 10 years and five years, respectively.
BHI Trust: R12.4 million recovered, R1.5 billion still at stake
The joint trustees have managed to recoup R12.4m, but R1.5bn remains in claims. The efforts to recover funds through settlements, asset recovery, and legal action continue.
