How the Authority arrived at a fine of R475 million
Jooste was more blameworthy than others because he deliberately contravened the law and was well qualified to understand his conduct’s implications, the FSCA says.
Penalty
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.
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Increase in penalty for non-submission of insurance returns
The penalty is R8 215 a day, in terms of the Long-term Insurance Act or the Short-term Insurance Act.
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.’
Director’s 10-year debarment excessive, tribunal finds
His FSPs were fined a total of R250 000 for selling two products before they were licensed.
Akani challenges FSCA’s R2.6 million fine for late reports
The Financial Services Tribunal (FST) has told the FSCA to reconsider the penalty of R4 000 a day it imposed on Akani Retirement Fund Administrators in 2020 for not submitting reports timeously. The total […]
FSCA fines Viva Cover and Comit Technologies
The FSCA has imposed penalties of R110 000 on both Viva Cover (Pty) Ltd and Comit Technologies (Pty) Ltd for contravening various provisions of the General Code of Conduct from November 2013 to […]
FSCA agrees to reconsider R50m fine on Mirror Trading International
The FSCA has agreed to reconsider the R50 million penalty it imposed on Mirror Trading International (MTI) for conducting unregistered financial services business in contravention of the FAIS Act. The Financial Services Tribunal […]
FIC fines Krugerrand, motor dealers more than R12 million
The Financial Intelligence Centre (FIC) this month imposed administrative sanctions against a Krugerrand dealer and seven motor vehicle dealerships for non-compliance with the Financial Intelligence Centre Act. The FIC said the imposition of […]
Pension Fund penalty interest – Tribunal disagrees with PFA
Employer deductions from pension funds have raised many questions in the past. What is legal? Can a pension fund pay-out be delayed? Can damages as a result of theft or fraud be deducted, […]
Causal Event Charges Challenged – Part I
We recently came across an example of just how loaded the dice are against clients wishing to effect section 14 transfers. When requesting a quote for such a transfer, the client was informed […]
Enforcement Action against Short-term Insurer
The Enforcement Committee of the Financial Services Board levied a penalty of R100 000 against a short-term insurer, following a referral by the Registrar of Short-term Insurance stemming from a contravention of section 44 […]
