Total of R5.3m frozen as court issues second order in ‘pyramid scheme’ case
The National Consumer Commission claims the scheme misled participants with false promises of grocery rewards and high returns.
Author: Moonstone Information Refinery
Markus Jooste among major offenders as FSCA fines surge
The Authority suspended 1 061 FSP licences in 2023/24, primarily for non-compliance with statutory returns.
Squirrelling away financial wisdom: children’s books make money smarts fun
During Financial Planning Week, Moonstone Business School of Excellence applauds Foord’s initiative to promote financial literacy among young children.
Why Discovery’s fund members are making two-pot withdrawals
Despite relatively low overall withdrawal rates, 24% of claimants are using their retirement savings for home or car repairs and 21% for settling short-term debt.
Two ‘enablers’ of BHI Trust Ponzi scheme hit with 30-year debarments
Craig Warriner’s confession to orchestrating a massive Ponzi scheme has led to 30-year bans for Global & Local’s Michael Haldane and Mauro Forlin.
Sasria aims to reintroduce R1bn cover amid rising reinsurance costs
Sasria’s five-year strategic plan includes the reintroduction of R1bn excess of loss cover and expanding its coverage for events such as natural disasters.
Accidental confession leads to conviction in insurance pay-out murder
A woman and her accomplice were each sentenced to 26 years in prison for murdering her uncle so she could benefit from his life cover.
FIC’s 2023/24 annual report: the battle against financial crime
The Financial Intelligence Centre facilitated the recovery of R98.5m in criminal proceeds and generated 3 924 intelligence reports.
Old Mutual fined almost R16 million for FICA violations
The Prudential Authority discovered the non-compliance during a routine inspection conducted four years ago.
Accountancy body’s chief executive dismissed after forensic investigation
SAIPA’s board has terminated CEO Shahied Daniels after findings of serious misconduct, including unauthorised international dealings and financial irregularities.
FSCA to implement fee increase in October
The FSCA will increase the fees it charges for various supervisory activities by 6% from tomorrow, 1 October.
First Steinhoff conviction: insider trader avoids jail but must testify against accomplices
Dr Gerhard Burger, who travelled with Steinhoff directors to oversee their health, pleaded guilty to three counts of insider trading.
Personal loan surge: originations up 16.7% as lenders balance risk and demand
With credit card originations growing by 9.3% and Gen Z leading the charge, 38% of new credit cards were issued to first-time cardholders – the highest proportion since early 2020.
Court freezes R1.5m linked to alleged pyramid scheme targeting vulnerable consumers
Promising groceries in exchange for a once-off payment, WAPH is under fire for violating the Consumer Protection Act with deceptive promises and recruitment incentives.
Unpacking pink tax: a hidden burden on women’s finances
Sanlam’s Pink Tax survey found that 24% of women reported that pink tax affects their choices in selecting financial products, services, and providers.
Customer sentiment towards insurers improves despite claims frustrations
King Price came out top in DataEQ’s latest Insurance Sentiment Index, which analyses what consumers are saying about their insurers.
Municipal officials face prison for contempt in pension fund case
Retirees, should be especially vigilant against three common scams: phishing and its more targeted version, spearfishing; deepfakes; and the Grandparent scam, which uses voice cloning.
