FSCA signals delay to Omni pilot as rollout reaches ‘inflection point’
Officials outline key supervisory areas affecting financial institutions, with a focus on governance, AML controls, cyber resilience, and consumer-facing risks.
Compliance and Legislation
Debarment overturned after Tribunal criticises ‘desktop’ investigation
A failure to verify a client’s income amounted at most to negligence, but the evidence did not justify debarment for dishonesty.
Insurers must report number of personal lines claims in 2025
The FSCA says the information helps it to monitor the extent to which insurers are delivering fair outcomes for consumers.
FIC invites comment on proposed risk and compliance returns
The draft directive requires certain accountable institutions to submit RCR questionnaires covering information from 2023 to 2026.
GAAR assessments cannot be rewritten in litigation, SCA rules
SARS cannot fundamentally alter the factual basis or remedy of an assessment issued under the general anti-avoidance rule provisions through a Rule 31 statement.
Labour law overhaul signals shake-up of dismissal, retrenchment, and gig-work rules
The Bill proposes major changes to dismissal procedures, severance pay, and protections for gig and on-call workers, while tightening the enforcement of retirement fund contributions.
Amendment Bill reshapes parental leave and UIF benefits
The draft Bill converts the Constitutional Court’s interim remedy into law, creating a single, shared parental leave entitlement and widening rights for adoptive parents.
New POPIA regulations on health information now in force
The Information Regulator clarifies how organisations such as insurers, pension funds, and employers must process and protect health information.
Six key themes from the FSCA’s FICA compliance inspections
Moonstone Compliance’s analysis identifies recurring shortcomings that FSPs should fix to avoid enforcement action.
CARF expands SARS’s visibility over crypto transactions, says PwC
The new reporting regime, effective from 1 March, increases the information available to SARS through third-party reporting and international data exchange.
SARB releases draft exchange control circulars implementing Budget reforms
The proposed changes include higher discretionary allowances, adjustments to cross-border payment limits, and administrative reforms affecting authorised dealers.
FIC publishes draft communication on travel rule compliance for CASPs
The draft PCC reinforces zero-threshold travel rule application, mandatory real-time monitoring, enhanced controls for unhosted wallets, and strict freezing obligations.
Ombud Council issues new rules for Pension Funds Adjudicator
The framework formalises complaint-handling procedures, introduces mechanisms such as conciliation and summary dismissal, and will be implemented in phases.
Draft PCC 122 clarifies FICA obligations for special purpose vehicles
SPVs designated as accountable institutions must comply with FICA in full, including independent registration and adherence to RMCP and reporting requirements.
FST sets aside debarment after finding contradictions in forensic evidence
Sanlam found that the client’s signatures were forged, but its own handwriting expert came to a different conclusion.
Transformation Fund moves into B-BBEE scorecards as draft codes signal policy shift
Draft amendments to the B-BBEE Codes introduce the government’s proposed Transformation Fund into the compliance framework, reshaping enterprise development, procurement incentives, and scorecard calculations.
FST affirms strict honesty standard in document alteration case
The Tribunal upholds the debarment of an F&I consultant who altered delivery and witness details on vehicle finance documents.
