JSE fines former Steinhoff CFO a total of R2 million
The JSE has disqualified Steinhoff’s former chief financial officer, Ben la Grange, from acting as a company director for 10 years and fined him a total of R2 million. La Grange served as […]
Author: Moonstone Information Refinery
CMS says Health Squared didn’t stick to business plans designed to address problem areas
The Council for Medical Schemes (CMS) has published its version of the sequence of events that resulted in Health Squared’s finances deteriorating to the extent that it will apply for voluntary liquidation this […]
OECD calls for VAT hike to help fund permanent grant
South Africa should make the R350-a-month Social Relief of Distress (SRD) grant permanent, increase the rate of value-added tax from 15% to 17%, and reform the “distortive” personal income tax system, the Organisation […]
Nedbank to pay R2m fine for unapproved merger with Erf 7
Nedbank has agreed to pay a fine of R2 million for implementing a transaction before obtaining the approval from the competition authorities, the Competition Tribunal said last week. In a statement, the authority […]
Discovery challenges RAF decision to stop paying members’ claims
Discovery Health has launched an urgent application to stop the Road Accident Fund (RAF) from rejecting valid medical claims submitted by members of medical schemes. Discovery contends that the RAF Act does not […]
FSCA publishes notices issued to FSPs for Fica non-compliance
Last week, the FSCA informed subscribers to its communications that it has published, on its website, the notices of administrative sanctions that it issued to 11 FSPs for non-compliance with the Financial Intelligence […]
Asisa releases report on transformation scorecards of life offices and asset managers
Life offices and asset managers represented by the Association for Savings and Investment South Africa (Asisa) have collectively made progress towards achieving the transformation targets set by the amended Financial Sector Code (FSC), […]
Discovery’s new DFM aims to capitalise on offshore investment opportunities
Discovery Group this week announced the launch of its discretionary fund manager (DFM), Cogence, which will give financial advisers access to portfolio analytics and risk analysis tools developed by the world’s largest asset […]
Omnibus bill to beef up SA’s anti-money laundering measures
Minister of Finance Enoch Godongwana has published an explanatory summary of a bill that will amend five Acts of Parliament as the government moves to beef up the country’s anti-money laundering and counter […]
A deeper look at the two-pot retirement system
Blessing Utete, the managing executive of Old Mutual Corporate Consultants, spoke to Mark Bechard, the managing editor of Moonstone publications, about National Treasury’s draft legislation for the two-pot retirement system. Read: Treasury publishes […]
Information Regulator publishes prescribed form for reporting data breaches
The Information Regulator (IR) has published a notification form, and accompanying guidelines, for reporting actual or potential security compromises, so that responsible parties can comply with their obligations in terms of section 22 […]
Huge increase in backdoor malware in South Africa, says Kaspersky
The incidence of South African businesses that came under attack from a particularly dangerous type of malware increased by 140% between the first and second quarters of this year, according to cybersecurity and […]
FSCA wants ownership reports from certain FSPs and CIS managers
Hot on the heels of its proposed amendments to Joint Standard 1 of 2020 pertaining to the significant owners of FSPs, the FSCA has asked for reports from certain FSPs and collective investment […]
ANC must pay R10m a month to clear provident fund arrears
The FSCA has concluded an enforceable undertaking with the ANC Staff Provident Fund on how it is clear the reported R85 million in arrear contributions. The fund is a defined contribution fund with […]
BHF takes legal action against the CMS to compel it to review the LCBO guidelines
The Board of Healthcare Funders (BHF) has applied to the High Court in Pretoria to overturn the moratorium that effectively prohibits medical schemes from providing low-cost benefit options (LCBOs) to South Africans who […]
Why the relationship between women and money may not be what you think
A recent report by multinational investment management firm Schroders has emphasised the need for the financial services industry to get to grips with the gender dimension of investing and wealth transfer. The study […]
Nedbank: Fica non-compliance was due to delays in promulgating amendments
Nedbank has blamed delays in the promulgation of amendments to the Financial Intelligence Centre Act (Fica) for the effective fine of R20 million and other administrative sanctions imposed by the Prudential Authority (PA) […]
