-
Inadequate money laundering risk management exposes businesses to criminal exploitation
Businesses that do not develop and implement an effective risk management and compliance programme (RMCP) are particularly vulnerable ...
Group disability benefits: ‘adapt or die’
Without a new approach to managing risk, group income disability benefits are headed for extinction and, in the retail market, only the rich will be able to afford these benefits, says Reinier van Gijsen, the head of pricing at Sanlam Corporate. In this year’s Sanlam Benchmark Survey, Van Gijsen said the industry is reaching a […]
Retirement benefit counselling has an impact on how much members take as cash
Proper counselling when employees change jobs or reach retirement makes a significant difference to the portion of their savings employees take as cash, but few employees are receiving this kind of advice, according to the 2022 Sanlam Benchmark Survey. Data from Sanlam’s Individual Member Support division shows that the portion taken in cash at withdrawal […]
What you should know about auto-assessments in the 2022 tax filing season
The South African Revenue Service (Sars) has introduced some changes to the auto-assessment process this year to make it easier for taxpayers to file their income tax returns. If you are not a provisional taxpayer and your only sources of income are a salary and interest, you may be auto-assessed and issued with an assessment […]
FSCA wants information on paid-up retirement benefits
The FSCA has told retirement funds and fund administrators to submit information about their paid-up members, setting a deadline of 31 October for information relating to new paid-up members. In March, the FSCA published Information Request 2 of 2022 (RF), notifying funds that they must provide it with data on unclaimed or paid-up benefits every […]
Prepare for two massive repo rate hikes, says commercial bank
The South African Reserve Bank (SARB) will hike the repo rate by 75 basis points in both July and September – well above the consensus expectation, according to international banking group BNP Paribas. The headline Consumer Price Index (CPI) came in at 6.5% year-on-year in May – compared to the expected 6.1% – a five-year […]
Fica verification: can accountable institutions ask for too much information?
The recent Supreme Court of Appeal (SCA) case of Nedbank Limited v Houtbosplaas (Pty) Ltd and Another raises interesting considerations for accountable institutions aiming to comply with their obligations under the Financial Intelligence Centre Act (Fica). We discuss the case in detail below, asking: Is there a danger in an accountable institution asking for more […]
FSPs can’t simply debar representatives for any act of internal misconduct
The Financial Services Tribunal (FST) has drawn on the principles governing the fit and proper requirements for legal practitioners in setting aside the debarment of a bank’s representative on the grounds of dishonesty. The tribunal also found fault with the procedure followed by First National Bank (FNB) in that it did not address the representative’s […]
Only days left to apply for MBSE’s second semester
Applications to enrol for one of Moonstone Business School of Excellence’s accredited qualifications close on Monday, 27 June. If you want to kick-start a career in the financial services sector, or if you’re already in the industry, broaden your prospects, then you need a recognised and relevant qualification. MBSE has a proven track record of […]
Debarment reconsiderations following a pattern: Which client affidavit is true?
The Financial Services Tribunal (FST) has set aside and remitted the debarment of a Sanlam representative in a case that followed a pattern similar to many debarment reconsideration applications: a client produces an affidavit stating that he or she did not apply for a product but recants the allegations in a second affidavit. The tribunal […]
FSCA must set a time limit on debarments, says tribunal
The FSCA cannot debar someone indefinitely – the FAIS Act requires a time limit, the Financial Services Tribunal (FST) said when it set aside this aspect of a debarment order and told the Authority to reconsider it. According to the FST, the FSCA debarred the FSP, “EN”, because he allowed a debarred broker, “JV”, to […]
