Arrears in local government sector reach alarming levels
58% of South Africa’s municipalities – 149 out of 257 – are behind on their retirement fund contributions, highlighting a growing issue in local government finances.
58% of South Africa’s municipalities – 149 out of 257 – are behind on their retirement fund contributions, highlighting a growing issue in local government finances.
With over R5.2 billion in unpaid retirement fund contributions and municipalities among the worst offenders, the FSCA is poised to gain expanded powers under the COFI Bill.
The FSCA also reiterates its warning against Donafin, which continues to charge fees for unauthorised financial services.
CEOs and other decision-makers have just under three months to provide input on the Draft South African Financial Education Commitment Charter.
At the FSCA Financial Education Summit, industry leaders outlined the shortcomings of current financial education efforts and the need for a strategic overhaul.
FSCA Commissioner Unathi Kamlana underscores the importance of balancing the costs and benefits of regulation to foster innovation and protect consumers.
‘Banks should not simply cite reputational risk; reasons must be concrete and consistently applied to prevent what might appear as arbitrary account closures.’
The aim of the newly established panel to ensure that the perspectives and concerns of retail financial customers are effectively considered in the Authority’s activities.
They are among the 138 South African employers to earn the accreditation of ‘top employer’.