Debarment set aside after Tribunal flags timing discrepancies
The effective date recorded on the FSCA’s register pre-dated any opportunity to make representations.
Compliance and Legislation
Two-pot amendments resolve uncertainty for older provident fund members
The Revenue Laws Amendment Act settles the treatment of provident and provident preservation fund members aged 55 or older on T-day.
COIDA overhaul: what workplaces need to know about injury claims and compliance
Recent COIDA amendments overhaul workplace safety, claims, and compliance rules, creating new obligations for employers and expanded rights for employees.
FSTC sets February deadline for 2025 B-BBEE reporting
The extent of the reporting obligation is determined by the category under which an institution falls.
Draft amendments aim to remedy gaps in AML framework
The Bill largely clarifies and strengthens existing AML/CFT expectations rather than introducing a new regulatory philosophy.
Employers face dual enforcement for non-payment of retirement contributions
The Minister of Employment and Labour removes a 2003 exemption that shielded employers from labour-inspector oversight.
Draft AML/CFT amendment Bill tightens regulatory net
The Bill proposes that arrangements yielding outcomes similar to traditional financial products be treated as financial services.
Draft FIC directive proposes detailed location reporting
Accountable institutions will have to provide comprehensive information on the location of their operations when registering with the Financial Intelligence Centre.
FSCA licenses most crypto provider applicants – as enforcement tightens
The rising number of investigations and inspections underline a shift from registration to active supervision.
SARB softens exchange control rules, but barriers for non-residents remain
The Reserve Bank has partially reversed its exchange control changes, removing tax-clearance requirements for some non-resident income flows. However, restrictions on rental income and directors’ fees remain in place.
Tribunal upholds debarment despite rep’s remorse and financial hardship
The falsification of an insurance claim and improper referral payments are incompatible with the fit and proper requirements.
Banxso licence withdrawal – FST dismisses reconsideration bid
The Tribunal dismisses separate applications brought by Banxso and four executives, saying they lack legal standing.
FIC urges businesses to simplify compliance: ‘focus on risks, not paperwork’
Accountable institutions should adopt practical, risk-based RMCPs tailored to their operations, rather than relying on lengthy templates.
FSCA slaps Banxso and directors with record R2bn fine
The Authority says the penalties reflect the financial benefit gained from unlawful conduct and the harm to clients – handing 30-year debarments to several Banxso executives.
Multimillion-rand penalties levied across Medbond Group
The FSCA imposes a R197m fine on Medbond Insurance Brokers and its principal, whom it debarred for 30 years.
R12.6m fine, 15-year ban send strong warning on unauthorised insurance
The FSCA’s investigation concluded that South African Relocations and The Relocations Group offered marine insurance without registration.
Twenty-year debarment and R9m fine for unauthorised ‘forex trading’
The Authority found that most investor funds were used to pay ‘returns’ to other investors and cover personal expenses.
