Classic Financial Services director and wife’s R66m gambling spree
The estates of the son and former wife of the director of Classic Financial Services have been sequestrated.
FSCA
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NCA Credit providers’ FICA obligations
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Webinars on how to investigate misconduct and address poor performance
FSCA to launch retirement fund education campaign
The FSCA encourages members of retirement funds to check whether their employer is in arrears with their contributions.
FSCA flags MyWealth Legatus
The Authority warns the public to exercise caution with MyWealth Legatus, just three months after imposing R73 million in penalties on two of its affiliate companies.
FSCA investigating Finbok trading platform after complaints about refunds
The Authority emphasises that the investigation is not complete, and it has made no findings to date.
Unauthorised financial services business: FSCA issues a long list of entities and individuals
Boutique asset manager Denker Capital is the latest FSP to be impersonated by fraudsters operating on social media.
AfriForum criticises Craig Warriner’s plea deal for lack of disclosure
The recent plea deal resulting in a 25-year prison sentence for Craig Warriner is under scrutiny for allegedly failing to serve the interests of justice and providing minimal benefit to the State beyond administrative closure.
Certain FSPs and CIS managers must provide information about FICA compliance
The DPI applies to all FSPs excluding FSPs that are exclusively authorised to render financial services in respect of non-life insurance and/or health service benefits.
New Joint Standard to regulate insurers’ ‘material’ outsourcing activities
The standard, which replaces GOI 5, governs outsourcing by insurers from a prudential and a conduct perspective.
FSCA withdraws licence of FSP linked to collapsed N-e-FG
The Hawks and the Authority are still investigating whether any of the assets administered by N-e-FG can be recovered.
There’s ‘something fishy’ about these schemes
Impersonators who have knowledge of the Authority’s investigations into scams are using this information to extort money from victims.
Cybersecurity Joint Standard: Authorities announce likely commencement date
The FSCA and PA urge financial institutions to prepare for the standard’s implementation despite the provision for a transitional period.
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.
Oceanfront’s licence provisionally withdrawn – MD linked to Medbond
Jaco van Heerden, once a director at Medbond, is the managing director of Oceanfront Financial Solutions, whose FSP licence has been provisionally withdrawn.
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.
BHI Trust creditors face a dilemma: double down or stand down
The trustees advise ‘that a contribution will currently be levied against creditors until such time that sufficient recoveries are made for the benefit of creditors’.
