Bill proposes wide-ranging changes to strengthen AML regime
The amendments to the Companies Act, FICA, and the Financial Sector Regulation Act are designed to close regulatory gaps and enhance enforcement.
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NCA Credit providers’ FICA obligations
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FSCA slaps R2.1m fine and 20-year ban on unauthorised forex operator
An investigation found that Greyshore Investments solicited deposits while promising to trade on behalf of investors, without the necessary authorisation.
Arrear contributions: FSCA publishes third list of defaulting employers
A longer annexure of employers who have cleared their arrears or arranged to do so signals the effectiveness of the Authority’s ‘name and shame’ campaign.
CPA amendments: will financial services face stricter direct marketing rules?
Experts weigh in the impact on financial services of a proposed opt-out registry to protect consumers from unwanted marketing.
Uncloaking the mysteries of financial sector penalties
The huge penalties imposed by the FSCA and the Prudential Authority raise questions about the clarity and consistency of the factors influencing these fines.
FSCA’s first enforcement action for unauthorised trading signals
The Authority has made good on its undertaking to act against unlicensed trading signal providers, imposing a R1m fine and a 10-year debarment.
Ombud Council’s first formally tabled report highlights reforms in financial dispute resolution
Key achievements include the creation of the National Financial Ombud Scheme and the new FAIS Ombud Rules.
Retirement funds get exemption from using prescribed section 14 transfer forms
The exemption will apply pending the finalisation of the consultation process on the draft amendments to Conduct Standard 1.
Sharemax case: High Court rules on the status of the FST chairperson’s decisions
The adviser brought an application for the FAIS Ombud’s determination and the Tribunal chairperson’s decision to be reviewed in terms of PAJA.
SCA rules on composition of Financial Services Tribunal panels
Litigation between Trustco and the JSE over the group’s financial statements.
Warriner hit with 30-year debarment as FSCA’s BHI probe continues
The suspension of Global & Local’s licence relates to its relationship with BHI Trust, the FSCA confirms.
FSCA proposes amending the conditions for section 14 transfers
The draft amendments address the misalignment between the current prescribed section 14 application forms and the upcoming two-pot regulations.
Tribunal: clear separation of first-party and third-party risks within cell structures
The decision clarifies the boundaries and regulations concerning reinsurance business conducted through cell captive structures.
FSCA issues directive to funeral service: thousands of clients affected
The Authority instructs Hernell Funerals to cease operating as an unauthorised FSP and insurer.
Arrear contributions: 10 employers should not have been on the list
The FSCA publishes its latest list naming thousands of entities that allegedly owe retirement fund contributions.
How the Authority arrived at a fine of R475 million
Jooste was more blameworthy than others because he deliberately contravened the law and was well qualified to understand his conduct’s implications, the FSCA says.
An insurer is not a supplier under the Consumer Protection Act
When seeking compensation from an insurer because of alleged third-party negligence, the best course of action is to pursue the matter in court, the National Consumer Tribunal says.
