COMPLY WITH DIRECTIVE 7 BY FRIDAY OR FACE THE CONSEQUENCES, SAYS FIC

Accountable institutions that ignore Directive 7 and fail to submit a risk and compliance return (RCR) by Friday face being sanctioned by the Financial Intelligence Centre (FIC).

Urgent need to close regulatory gaps in over-the-counter markets, says FSCA

National Treasury will introduce the COFI Bill ‘very soon’ and amend the Financial Markets Act to tighten regulation of the country’s financial markets.

Two pots: MPs envisage staggered implementation

The finance committee’s decision seems, in part, to be based on the assumption that some fund administrators will be ready to ‘go live’ on 1 March next year.

LIVE UPDATE | MPs insist two-pot system be implemented on 1 March 2024

The National Assembly’s Standing Committee on Finance met on Tuesday morning to deliberate clause-by-clause on the two-pot legislation.

Supreme Court upholds King Price’s appeal against motor vehicle claim

The SCA finds the policyholder failed to produce evidence to support his pleaded claim for damages based on the vehicle’s market value.

Discovery Connect acts against sales agents who manipulated clients’ policies

The Financial Services Tribunal hears the reconsideration applications brought by three of the 15 implicated agents.

Must a retirement fund impose a timeline on an employer to institute civil proceedings?

More than a year passed between the employer indicating that it reserved its right to withhold a former employee’s withdrawal benefit and instituting civil proceedings against him.

National Treasury proposes more changes to the two-pot retirement system

Delaying the implementation date and raising the seeding cap are among the announcements and clarifications.

Sasria wants an explicit guarantee that the state will be its reinsurer of last resort

The reinsurance market will remain hard for the foreseeable future, and most reinsurers believe another July 2021 is just around the corner, says chief executive.

Supreme Court of Appeal sends a clear warning about non-compliant group schemes

SCA rules on the dispute between KGA Life and Multisure that arose after the cancellation of the intermediary agreement.

The FAIS Ombud has some good news for FSPs

The FSCA and the FAIS Ombud have announced their proposed levy and fee increases for 2024/25.

Two pots: MPs agree with Cosatu that R25 000 cap on seeding is too low

Retirement industry bodies plead for a later implementation date, but Cosatu says 1 March next year is a ‘red line’.

‘T-Day’ provident fund members ‘should have to opt in to two pots’

Organisations representing the retirement industry call attention to the ‘problematic’ provisions in the draft legislation for the two-pot retirement system.

Adjudicator is studying judgment on late-payment interest on arrear contributions

There is a view that the High Court’s judgment means the in duplum rule does not apply to section 13A(7) interest.

FSP debars representative for not returning a tablet

The fact that the applicant did not sell any products or receive remuneration did not nullify his status as a representative.

Tribunal hands down decision in another MyMo accounts scandal case

Standard Bank debarred a branch team leader for using her own money to activate four accounts without the customers’ consent.

Retirement fund must make up for a member’s lost investment growth

The member’s benefit was transferred from the money market investment into the fund’s business account.