Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle

The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.

Treasury proposes reducing FSP levies

National Treasury has proposed lowering some of the levies that FSPs will pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill, to reduce the impact on small […]

Court ruling has major implications for divorcing couples married out of community of property

The Pretoria High Court has asked the Constitutional Court to confirm an order that will have significant implications for how assets are redistributed when couples who are married out of community get divorced. […]

FNB the only major bank to buck trend of higher complaints

First National Bank (FNB) was the only bank among the country’s “big five” banks that recorded a decrease in the number of cases opened against it by the Ombudsman for Banking Services (OBS) […]

BHF seeks Competition Act exemption to publish reference price list

The Board of Healthcare Funders (BHF), a representative association for medical schemes, has applied for an exemption from provisions of the Competition Act so that it can publish a scale of benefits after […]

MPs ask Treasury for report on impact of new financial sector levies

Parliament’s Standing Committee on Finance has tasked National Treasury with producing a report on how the Financial Sector and Deposit Insurance Levies Bill will impact consumers and small entities. Read: FSPs face paying […]

Need CPD hours fast? We have solutions

The current CPD cycle ends on Tuesday, 31 May, and time is of the essence if you haven’t completed your CPD activities. Moonstone Business School of Excellence (MBSE) offers access to more than […]

Arresting the delisting trend is a top priority, says JSE

The JSE is considering a range of measures to address the trend of delistings from the market, including simplifying the financial disclosure requirements. At the exchange’s 2022 annual general meeting last week, Chris […]

Court upholds decision to cancel medical scheme membership based on non-disclosure

A decision by Profmed to terminate a membership retrospectively, on the grounds of material non-disclosure, went through all the Council for Medical Schemes’ appeal mechanisms and ended up in the Western Cape High […]

Adviser not liable for Sharemax investors’ loss, says tribunal

The Financial Services Tribunal (FST) has upheld a reconsideration application by an FSP whose clients invested in a Sharemax-managed property syndication scheme, saying his provision of inappropriate advice did not necessarily mean he […]

How intermediaries can overcome client objections

When it comes to finance, we assume people are rational, so we give people more information and longer documents and explain the actuarial principles in the hope that they will result in their […]

Life insurers ‘need to rethink their underwriting’ to cope with increase in non-communicable diseases

The growing prevalence of non-communicable diseases (NCDs), coupled with an increase in the life expectancy of South Africans, means that life insurers need to rethink or innovate their underwriting processes. This is one […]

Ex-DG describes hostility between Zuma and Treasury

Former National Treasury director-general Lungisa Fuzile says President Jacob Zuma became increasingly unhappy with Pravin Gordhan and Nhlanhla Nene because they were unwilling to sign off on decisions that risked the fiscus and […]

Licensing requirements for trading in derivatives, including CFDs

Having a FAIS licence does not mean that a trading platform can issue over-the-counter (OTC) derivatives, including contracts for difference (CFDs), as principal in South Africa. To do this, the entity must have […]

Pension fund’s decision to permit withholding of withdrawal benefit upheld

A former Nedbank employee whose withdrawal benefit was withheld has failed to convince the Financial Services Tribunal (FST) to have the Pension Funds Adjudicator reconsider her decision to dismiss his complaint. At Nedbank’s […]

Separation does not disqualify a spouse from being a legal dependant

The Financial Services Tribunal has dismissed an application by a fund member’s daughter to have the allocation of her late father’s entire death benefit to her mother reconsidered on, among other grounds, that […]

Fake intelligence report used to fire Gordhan and Jonas – Zondo report

Then President Jacob Zuma used a fake intelligence report as a pretext to fire Pravin Gordhan and his deputy, Mcebisi Jonas, so that his and the Guptas’ agenda, including the capture of National […]