FSP tries to debar another firm’s representative who approached its clients
The FSP conflated the requirements for debarment under section 14 of the FAIS Act with the requirements and procedure for a debarment by the FSCA.
Author: Moonstone Information Refinery
FSCA finalises new Interpretation Ruling on section 37C of the PFA
Interpretation Ruling 1 of 2020 incorrectly brought an unclaimed benefit within the ambit of section 37C of the Pension Funds Act.
CEO fined R7.5m and barred as a director for share-trading during closed period
The JSE says Luxe’s former chief executive refused to acknowledge regulatory correspondence or co-operate with the investigation.
SARS can seize the property of third parties on the premises identified in a warrant
The suspicion that the third party’s vehicle contained material relevant to the taxpayer under investigation was sufficient for it to be searched, SCA finds.
Assets held by collective investment schemes reach new record high
ASISA attributes the growth to market performance and net inflows of R110 billion over the 12 months to the end of December 2023.
Potentially volatile election period ahead: do you have enough riot risk cover?
Sasria’s coverage limits may be insufficient for many large corporates, which will require additional cover in the form of a riot wrap policy.
FIC invites comments on its draft risk assessment report for crypto asset service providers
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
FSCA, B-BBEE Commission to work together to advance transformation
The entities will co-operate to improve the level of submission of compliance reports.
Hackers access CIPC’s client and employee records
The commission urges clients to monitor transactions on their credit cards.
Labour Court upholds restraint of trade, warning against confidentiality breaches
Two insurance brokers found themselves under the scrutiny of the Labour Court, as they were called to account for soliciting clients from their previous employer.
New National Financial Ombud scheme launches
The previously separate credit, banking, and long-term and short-term insurance ombud schemes are now under one roof.
Health department pushes the case for ‘affordable’ NHI
Meanwhile, Solidarity suffers a setback in its efforts to halt the government’s preparations for implementing the system.
FIC publishes new guidance on financial sanctions compliance
Accountable institutions are required to scrutinise client information against the targeted financial sanctions lists to identify designated persons and entities linked to clients.
Ombuds will handle cases involving disputes of fact or law and award compensation
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
FSCA fines asset manager R16m for FICA non-compliance
The reasons for the sanction are virtually identical to those that saw the Authority fine an FSP earlier in February.
Certain intermediaries can continue to provide premium collection services
Independent intermediaries must adhere to the conditions if they want to rely on the exemptions from the regulations under the Short-term and Long-term Insurance Acts.
Information Regulator issues Enforcement Notice over direct marketing violations
The regulator says its ‘leniency regarding direct marketing through unsolicited electronic communications is going to be a thing of the past’.
