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 […]
Author: Mark Bechard
Booster shot is particularly effective in protecting against severe Covid outcomes, says Discovery
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. […]
MPs insist on due process for Fica amendments aimed at avoiding grey-listing
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 […]
‘Fund member should lodge a complaint against his adviser, not the Adjudicator’
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 […]
FSCA publishes roadmap for phasing in Conduct of Business Returns
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 […]
FSCA proposes to increase FSPs’ levies by 5%
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 […]
Debarment of rep who was employed by two FSPs set aside
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 […]
Sars defends its handling of VAT refunds and taxpayer disputes
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 […]
FSCA appoints statutory manager for N-e-FG Administrators
The FSCA has appointed a statutory manager for N-e-FG Administrators (Pty) Ltd, saying it is concerned about N-e-FG’s failure to manage the funds it administers responsibly. It is also investigating N-e-FG’s conduct relating […]
Santam flood claims hit Sanlam’s earnings
Sanlam has reported “a creditable performance” for the first four months of this year, with “strong results” in the life insurance and investment management businesses offsetting weak general insurance and credit business results. […]
Finance MPs want action on Tax Ombud’s independence
Parliament’s finance committees have resolved that their respective chairpersons will engage directly with Finance Minister Enoch Godongwana on legislation to make the Office of the Tax Ombud (OTO) “more clearly” financially and operationally […]
Most respondents say they will adopt a D-I-Y approach when planning their retirement income
Most respondents who participated in the latest Just Retirement Insights survey believe it is important to set objectives based on their financial needs, but more than 60% said they intend to decide what […]
Tribunal upholds debarment for providing unauthorised advice on Ecsponent preference shares
The Financial Services Tribunal (FST) has upheld Discovery Life’s decision to debar a financial adviser who advised clients to invest in Ecsponent preference shares although he was not authorised or licensed to advise […]
Reduction in CPD requirements: FSCA explains why KIs and reps are treated differently
The FSCA has confirmed that the provision for a pro rata reduction in CPD hours as a result of parental leave, or because of illness or disability, applies only to an FSP’s representatives, […]
Discovery Life’s individual life cover pay-outs jump 173% in 2021
Discovery Life paid claims to the value of R11.79 billion last year, of which R9.1bn was for more than 10 000 individual life claims – an 89% increase in the value of individual […]
Tribunal sends Sharemax determination back to the FAIS Ombud for a second time
Between 2008 and 2010, a pensioner couple invested in two Sharemax property syndications. They complained to the FAIS Ombud in 2011 after losing their money. Seven years later, the FAIS Ombud issued a […]
No happy ending at the tribunal for couple who reconciled after divorce
The Financial Services Tribunal (FST) has dismissed a reconsideration application by a couple who wanted to be provided with a joint-and-survivorship pension because they reconciled and lived together as if married after their […]
