First wave of crypto asset service provider licences nears approval
The FSCA also confirms that one FSP licence has been provisionally suspended as part of its investigation into advisers who may have referred clients to BHI Trust.
FSCA
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Family members in court for alleged multimillion-rand Ponzi scheme
The trio linked to Coin-It Trading were charged with fraud, contravening the FAIS Act and the Banks Act, and with money laundering.
Three FSPs’ licences, branding abused in social media investment scam
The FSCA is also investigating a company that may be selling guarantee insurance without authorisation.
Proposed amendment Bill aims to end funeral cover over-insurance
A review of the entire structure of the funeral class would be a better way to prevent over-selling, says Moonstone Compliance’s Paull Lawrence.
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Fund’s ‘unrealistic monthly returns’ of concern, warns financial regulator
MMM Krypto, marketed as a ‘mutual aid fund’, promises participants returns of between 24% and 36% per month.
Financial regulator again extends the exemption on compliance officer visits
The exemption remains subject to the conditions announced in 2017, and COs must inform FSPs they are operating under the exemption.
Scammers forge fake regulatory exam certificates
In their latest scheme, fraudsters are peddling fake Regulatory Examination certificates, utilising the name and logo of Masthead (Pty) along with the FSCA’s.
10 tips that can save you from falling victim to an ‘investment’ scam
There has been an increase in complaints about deceptive practices wherein fraudsters employ the details of celebrities to persuade individuals to invest.
WhatsApp ‘investment’ scam targets Fedgroup
The FSCA also alerts the public to a cryptocurrency trading platform that is not authorised to render services in South Africa
KI’s enquiries could have prevented losses suffered by Stringfellow clients, says FST
‘A key individual is not only responsible to oversee the categories of financial services for which he is licensed, but he bears an oversight role in relation to the FSP generally.’
FSCA extends the duration of three exemption Notices
The exemptions relate to the audit report and liquidity requirements, juristic representatives, and professional indemnity or fidelity insurance cover.
Consumers must be aware of the high risks of online trading, says FAIS Ombud
The Ombud was unable to help a complainant who lost most of the R725 000 he invested over several months.
FSCA warns the public of potential pyramid scheme
The Authority also alerts the public to an unauthorised entity that is promising unrealistic returns from forex trading.
FSCA asks BHI Trust investors to come forward with information on FSPs
Numerous individuals have been subpoenaed to appear before the Master of the High Court, to be questioned about the affairs of the sequestrated trust.
FSCA revises the timelines for the roll-out of Omni-CBR
The Authority has noted the industry’s feedback, but Moonstone’s main concern with the first version of the return remains.
