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.

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 […]