FSCA collects R119m in fines amid record enforcement year
In response to South Africa’s greylisting, the Authority has grown its AML/CFT team, increased on-site inspections, and ramped up fines.
Author: Moonstone Information Refinery
Contribution increases ease slightly – except for one scheme
Momentum Health is proposing to raise contributions by an average of 9.9% in 2026 – the highest increase among the five largest open schemes.
Two pots showing results, but success hinges on preservation and education
Industry experts say that small, unclaimed pots left behind by members pose a growing challenge that must be managed to protect long-term retirement outcomes.
Old Mutual warns about ‘Trevor Manuel’ deepfake investment pitches
Manuel’s reminder that only authorised individuals can provide financial product recommendations comes as the FSCA warns about four unlicensed entities/individuals.
FSCA opens consultation on draft OMNI-Risk Return
The Authority will host virtual workshops and tailored sessions with industry stakeholders, who have two months to comment on the draft Return.
Discovery delays 2026 contribution increase to April
Leading open medical schemes have announced increases above the CMS’s guidance, underscoring the tension between regulator calls for restraint and schemes’ funding needs.
Expanding access to compliance training: MBSE launches FICA CPD course in isiXhosa
MBSE’s first CPD course in isiXhosa makes compliance training more accessible with translated material, subtitles, and assessments.
Slow RCR submissions highlight gaps in anti-money laundering compliance
While submissions of the mandatory Risk and Compliance Return improved over the past year, 30% of institutions targeted by the FIC’s directives had not complied by March 2025
Financial intelligence reports drive R144m in crime recoveries
Requests for reports from the FIC rose by 17% in 2024/25, reflecting the FATF’s pressure on South Africa to strengthen its anti-money laundering efforts.
Alexforbes defends legal position after Mabuza pension freeze
The High Court freezes payouts from the late former Deputy President’s R44.7m annuity amid a family dispute.
Simplifying PMBs to empower smarter client decisions
The second edition of our bi-weekly column unpacks Prescribed Minimum Benefits – what they are, which conditions they cover, and how they work in practice.
Funeral provider racks up 12 FAIS Ombud rulings against it
The FSCA revoked Luvuyo’s licence in August after a string of determinations found the firm failed to pay claims and operated without an underwriter.
Court upholds R200 000 fine on dealership for ignoring compliance notice
The judgment makes it clear that remedies under the CPA – refund or replacement – are enforceable and cannot be frustrated by delay or technical objections.
50% surge in employers in arrears with retirement contributions
Unpaid contributions rose to R7.29bn, and 62% of delinquent employers are in the motor and private security sectors, according to FSCA data.
What the FSCA and retirement funds are doing to tackle arrears
Commissioner Unathi Kamlana is confident that within two years, arrears could be far less of a systemic problem.
Pensions adjudicator seeks big levy increase in 2026/27
The OPFA says it needs to take on more staff to handle the significant increase in the number of complaints.
Unauthorised policies falsely attributed to a junior accredited rep
The Tribunal confirms Assupol’s decision to debar a representative after forensic evidence showed he advised on life policies while unauthorised.
