If a taxpayer has outstanding tax debts (including penalties), the Tax Administration Act empowers the Commissioner for the South African Revenue Service (SARS) to appoint a third party, i.e. an employee of a bank, to recover money held by third parties, on behalf of SARS. The Act also defines the criteria which SARS must comply […]
In response to the impact of COVID-19 and the nationwide lockdown on South Africa in general, and the financial services industry specifically, the Financial Sector Conduct Authority (FSCA)announced various extensions. These include the Financial Markets Act as well as Conduct of Business returns. Financial Markets Act of 2012 FSCA Communication 40 OF 2020 (FM) states […]
The time spent in virtual meetings has increased over the last three months. Although this has been because of the pandemic and lockdown rules, this new way of communicating is here to stay. As a result, it is important to make sure you project confidence and credibility in virtual communication. In a recent blog post, […]
The 2003 version of the General Code of Conduct (GCoC) for authorised financial services providers and representatives captured the handling of complaints in three pages, only focussing on basic principles and procedures. The just released amendment of the GCoC dedicates nine pages to the complaints handling process as well as the commitment to the fair […]
“A new conduct standard on the conditions in terms of which smoothed bonus policies may form part of default investment portfolios was released on Tuesday evening and is scheduled to come into force nine months from publication,” Pam Saxby for Legalbrief Policy Watch recently reported. According to the supporting documentation the conduct standard will be […]
“The Conduct Standard for Banks is the first step towards rolling out a comprehensive market conduct regulatory framework for the banking sector. The main objective of the Conduct Standard is to introduce requirements ensuring the fair treatment of financial customers of banks,” the FSCA notes in FSCA communication 38 OF 2020 (BANKS). The just-released Conduct Standard […]
Over the last three months education has changed dramatically, with the distinctive rise of online learning, whereby teaching is undertaken remotely and on digital platforms. Yes, we have entered an era where online education is the new normal. The question is which intuition do you choose to be your online education partner? The Moonstone Business […]
Advertisements are likely to be the most regular contact consumers have with companies that offer financial services and products. As a financial services provider (FSP) it is therefore important to be aware of what to include in your advertising and what not. The Financial Sector Conduct Authority (FSCA) has just published the final amendments to […]
Life may be returning to a semblance of normal as restrictions are eased, but DebtBusters warns that South African consumers would be well advised to avoid falling into pre-lockdown spending habits. DebtBusters’ quarterly debt index for Q1 2020 showed that average total debt is up 33% compared to the same period in 2016, and Chief Operating […]
One of the legislated objectives of the FSCA is to protect financial customers by providing them with financial education programmes, and otherwise promoting financial literacy and the ability to make sound financial decisions. As a result, the FSCA has published a Discussion Document containing proposed policy interventions aimed at ensuring that financial consumer education initiatives […]
