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 […]
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 […]
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 […]
Vaccination is less effective at preventing contracting the Omicron variant, compared with previous variants of Covid-19, but still provides excellent protection against severe illness and death, particularly if one has a booster shot. This was said by Dr Ronald Whelan, the chief commercial officer of Discovery Health and the head of the company’s Covid-19 Task […]
Parliament’s finance committees last week decided they will not rubber-stamp National Treasury’s proposed amendments to the Financial Intelligence Centre Act (Fica) that are designed to prevent South Africa from being placed on the Financial Action Task Force’s grey list. Grey-listing will have dire consequences for the country’s financial system and will create difficulties for businesses […]
The Financial Services Tribunal (FST) has upheld a decision by the Pension Funds Adjudicator to dismiss a complaint against a Discovery preservation fund, saying the applicant’s complaint was, in fact, against his financial adviser. The applicant, “IK”, joined the Discovery Classic Pension Preserver Plan in 2014. More than R5.3 million was transferred from his previous […]
The FSCA has published a roadmap for the implementation of the cross-sectoral conduct of business returns (Omni-CBR), as well as the draft Omni-CBR template for public consultation. The Authority said the Omni-CBR is intended to facilitate streamlined cross-sectoral statutory reporting and sets out the conduct indicators to be reported on by financial institutions in future. […]
The FSCA has proposed increasing its levies by about 5% this year. Although the percentage increases for most of the variables used to calculate the total levy are higher than those contained in the Financial Sector and Deposit Insurance Levies Bill percentage, FSPs will not pay as much as would have been the case if […]
The Financial Services Tribunal (FST) has set aside the debarment of a representative who shared confidential proprietary information with his wife and who signed up with a competing FSP while still employed by Nedbank. According to the FST, the representative, “PH”, signed an employment contract on 29 July 2021 with another FSP while employed by […]
The South African Revenue Service (Sars) has defended the way it handles VAT audits after this issue, as well as the time taken to resolve disputes, was raised by the Tax Ombud in Parliament last week. Tax Ombud Judge Bernard Ngoepe briefed the National Assembly’s Standing Committee on Finance and the National Council of Provinces’ […]
