Tribunal slashes penalties imposed on the Land Bank’s insurance companies
Prudential Authority fined them an effective R2.688m for contraventions of the Short-term Insurance Act and the Insurance Act.
Financial Sector Regulation Act
People’s expenses change in retirement. Shouldn’t their income too?
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
Read more
The tribunal can only reconsider ‘a decision’
How does section 218 of the Financial Sector Regulation Act define what ‘a decision’ is?
Unemployed trader applies to tribunal to have penalties reduced
The FSCA had already reduced the penalties and dropped the intention to debar for 10 years.
How the FSCA decides on the size of an administrative penalty
And how the Financial Services Tribunal assesses whether the fine was appropriate.
Tribunal rules on Viceroy’s application against R50m penalty for Capitec report
Can the FSCA fine persons not domiciled within the jurisdiction of South Africa’s courts?
MPs accept refinements to omnibus anti-money laundering amendment bill
Trust practitioners are not happy that Treasury ‘ignored’ their proposals to undo the ‘devasting effects’ of the legislation.
FSCA wants to update retirement funds’ reporting requirements urgently
The amendments to regulation 28 of the Pension Funds Act take effect on January 3.
Ombud Council is becoming a reality
The effective functioning of the office will contribute to a fairer deal for all.
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.
‘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 […]
Treasury publishes omnibus anti-money laundering bill
The process to address deficiencies in the country’s anti-money laundering and anti-terrorism financing legislation got under way this week after Minister of Finance Enoch Godongwana tabled the General Laws (Anti-Money Laundering and Combating […]
Omnibus bill to beef up SA’s anti-money laundering measures
Minister of Finance Enoch Godongwana has published an explanatory summary of a bill that will amend five Acts of Parliament as the government moves to beef up the country’s anti-money laundering and counter […]
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 […]
Why FSCA’s liquidation exemption stands despite conflicting with Board Notice
The Financial Services Tribunal (FST) has dismissed an application by an umbrella fund member who was aggrieved by the FSCA’s decision to exempt the fund from the full liquidation requirements in the Pension […]
Debarments: tribunal clears up ‘confusion’ about filing an application while legal proceedings are still pending
A decision by the Financial Services Tribunal (FST) last month should clear up any potential confusion over whether a reconsideration application can be brought by a representative who is still embroiled in litigation […]
Quo vadis, compliance reporting?
The process involved in replacing the old compliance reports, which were last required for the 2017 financial year, reminds me of a joke in a rag magazine, many years ago, about a new […]
