Funeral home fined R11.4m for unauthorised insurance business
The two directors were debarred for 20 and 10 years, respectively.
FSCA
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.
Latest warnings against unauthorised operators soliciting ‘investments’
The FSCA has issued warnings about individuals and entities promising unrealistic returns while lacking the required authorisation to offer financial services.
Banxso and law firm clash over scammers exploiting investors
As scammers exploit Banxso investors with fake fund recovery schemes, Banxso and law firm Mostert & Bosman point fingers at each other over data breaches and accountability.
Labour law reforms mulled to clamp down on arrear contributions
The government, business, and labour are working together at Nedlac to address employers’ non-compliance with payments to retirement funds.
Access Bank and Sava aim to transform small-business banking in SA
Sava, a fintech startup backed by Access Bank South Africa, has received regulatory approval to launch a digital banking platform tailored to SMEs.
Telegram groups impersonating Truffle and Vista Wealth
Impersonators are using the names of authorised financial firms, Truffle Asset Management and Vista Wealth Management, to defraud people.
Ithala hits back: sharp criticism of Reserve Bank’s liquidation move
Ithala accuses the appointed repayment administrator of overstepping his authority, while the Prudential Authority moves to liquidate the entity.
Major banks to explain lending practices to parliamentary committees
MPs also want to meet with the FSCA to discuss banking-relating issues, including credit policies, fees, and client confidentiality.
Scammers target Banxso investors with fake fund recovery schemes
Scammers are preying on Banxso investors, promising to recover lost funds for a fee, the FSCA warns.
Deadline looms for input on FSCA’s financial education charter
The finalised Financial Education Commitment Charter is set to have a significant on impact the industry, requiring institutions to invest in targeted education programmes.
FSCA warns of deepfake fraud featuring Patrice Motsepe
AI-generated media make it seem as if one of South Africa’s richest people is endorsing an ‘investment’.
Godongwana defends the banks’ right to close accounts
Financial institutions will participate in evaluating improvements to Conduct Standard 3 of 2020, aligning these efforts with the COFI Bill.
Social media scam peddles fake RE5 exam certificates at a discount
Fraudulent RE5 exam certificates were recently advertised on Facebook, sparking a public warning from the FSCA about regulatory exam fraud.
Key regulatory and compliance developments: looking back at 2024 and what’s ahead in 2025
Billy Seyffert unpacks 2024’s major compliance changes, from the two-pot retirement system to cybersecurity standards, offering practical advice to stay ahead in 2025.
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.
