Banxso licence withdrawal – FST dismisses reconsideration bid
The Tribunal dismisses separate applications brought by Banxso and four executives, saying they lack legal standing.
Compliance and Legislation
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.
Transitional delegations under the FSRA pushed to 2028/29
New end-dates extend the temporary allocation of certain supervisory duties to the FSCA and PA while regulatory frameworks are finalised.
Stricter reporting obligations for crypto-asset transactions
From 1 March, new frameworks will impose expanded due diligence and information-exchange obligations on exchanges, custodians and banks.
Levy increases for 2025/26 lower than initially proposed
Moonstone’s levy calculator enables FSPs to find out quickly how much they will pay to the FSCA, FAIS Ombud, and Tribunal.
Tribunal sets aside OUTsurance debarment over evidentiary gaps
The insurer did not provide supporting documents or call recordings that could resolve the material disputes of fact.
FICA compliance webinars for crypto firms
The FSCA has uploaded recordings of its five-part webinar series aimed at helping CASPs meet their FICA obligations.
Licences of Medbond Insurance and Medbond Markets withdrawn
The Authority’s investigation found that Medbond Insurance advised its clients to invest in non-existent financial products.
Tribunal: Debarments invalid without proper notice
Despite a guilty plea at a disciplinary hearing, a rep’s debarment was set aside after the Tribunal found the FSP had not followed the prescribed process.
Clock is ticking for intermediaries to shape OMNI-Risk Return
Comprehensive industry input now will influence what data the FSCA collects and how it prioritises future enforcement and benchmarking.
R2.1m in penalties: FSCA shuts down unauthorised forex scheme
The FSCA has fined two individuals R2.1 million and debarred them for 20 years after uncovering an unauthorised forex-trading scheme that drew in hundreds of investors.
OMNI-Risk Return presentations available for downloading
The recordings of the three webinars on the Return can be viewed on the FSCA’s YouTube channel.
Adjudicator lacks jurisdiction over unapproved disability policies
Tribunal confirms that only benefits administered by a registered fund fall under the Pension Funds Adjudicator’s jurisdiction.
Three years that matter: emigration and access to retirement funds
The three-year countdown starts only when SARS formally recognises you as a non-resident – a difference of months can affect access and tax outcomes.
