FSCA fines two financial firms R1.2 million for FICA compliance failures
Risk management failings, inadequate customer due diligence, and lack of senior management oversight are key lessons for the industry.
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Watch: MBSE launches RE training for FAIS representatives
Watch: FPI Financial Planner of the Year on key issues shaping the financial landscape
Animated video explains the two-pot retirement system
NCA Credit providers’ FICA obligations
NCR Desktop Audits
Is South Africa on track to getting off the grey list?
Looking back at this year’s FPI Professional’s Convention
Enhance your HR skills by attending our insightful webinars in November
Webinars on how to investigate misconduct and address poor performance
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.
HSBC and Bidvest hit with fines for FICA non-compliance
The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
Markus Jooste among major offenders as FSCA fines surge
The Authority suspended 1 061 FSP licences in 2023/24, primarily for non-compliance with statutory returns.
Individual auditors can be fined up to R10m for improper conduct
The Minister of Finance has re-issued the Notice setting out the maximum fines, after inserting the omissions.
FSCA fines funeral insurance business for operating without a licence
The sanctions follow an investigation which found that the entity was not authorised and its clients were not underwritten.
Auditors’ regulator welcomes hike in fines for misconduct
But will this have unintended adverse consequences for the profession?
Praesidium’s directors, key individuals fined millions of rands and debarred
The FSCA has fined the directors of the Praesidium Group a total of R29 million and debarred them for between 10 and 20 years after its investigation into the group’s entities found they […]
FIC continues to clamp down on motor dealerships
The Financial Intelligence Centre (FIC) continues to clamp down on motor vehicle dealers that don’t comply with the Financial Intelligence Centre Act. Earlier this month, the FIC imposed fines of almost R5 million […]
FSP Fined for Promoting Unregistered Foreign CIS
The Registrar of Collective Investment Schemes (“the Registrar”) referred a suspected contravention of Section 65(3) of the Collective Investment Schemes Act, No 45 of 2002 (CISCA) to the enforcement Committee. It was alleged […]
Huge Fines after Commission Overpayments
Sanlam Developing Markets Limited and Channel Life Limited were fined R2 million and R1 million respectively for inadvertently contravening the regulations regarding maximum commissions payable. During the period 1 November 2008 to 21 […]
Enforcement Committee Fines
We received two media releases from the FSB this week. In the first, The Lawyers Voice (Pty) Limited (“Lawyers Voice”) marketed and sold three different insurance policies which were not underwritten by a […]
