Expect the FSCA to call – heightened AML/CFT oversight ahead
What the Authority expects from financial services providers when it conducts Financial Intelligence Centre Act inspections.
Compliance and Legislation
Adjudicator asks FSCA to act against ‘unresponsive’ retirement fund
Muvhango Lukhaimane says the SALA Pension Fund’s refusal to engage with her Office’s enquiries constitutes a breach of the fund’s fiduciary obligations.
Loans to settle divorce settlement sink microlender’s mutual bank application
The proposed CEO breached the Companies Act by allowing another company of which he was the sole shareholder to advance loans to him while it was insolvent.
Here are the deadlines for the 2025 tax season
What taxpayers should know about auto-assessments and who is required to file an income tax return.
FAIS Ombud finds broker negligent for failing to update client’s contact details
The material change from a co-policyholder to a sole policyholder should have alerted the FSP of the need to review the policy.
Benefit allocation | When may a retirement fund consider DNA testing?
When the paternity of a retirement member’s child is in doubt, boards must tread a fine line between equitable distribution and undue intrusion.
Make your CPD hours count before the 31 May deadline
With the clock ticking, MBSE’s flexible, value-packed online CPD courses help you stay compliant and grow professionally – even at the last minute.
Former financial planner’s debarment over client loans upheld
The Tribunal confirmed Standard Bank’s decision to debar its representative for borrowing thousands of rands from his clients and failing to disclose his outside business activities.
FSP fined for inadequate client-screening processes
An RMCP must set out the processes for identifying, investigating, and reporting suspicious transactions, and for screening clients against the sanctions lists.
FSCA overstepped its authority on retirement fund exemption time limit
The Tribunal finds the FSCA acted beyond its legal authority by imposing a three-year time limit on an exemption, reaffirming a key precedent on regulatory overreach.
Tribunal upholds funds’ broad discretion in death benefit allocation
A nominee who receives a dependency allocation can still claim a share of any surplus death benefit according to the deceased’s nominations.
Viceroy | FSCA wants the power to serve foreign operators digitally
The Authority invites interested parties to participate in High Court proceedings that will decide whether it may impose penalties on foreign individuals without physically serving documents in South Africa.
Adjudicator aligns with High Court’s ruling on the in duplum rule
The OPFA confirms that penalty interest on late employer contributions may not exceed the original capital owing – in line with the Full Bench’s judgment in March.
FSCA imposes R3m fine on Ninety One for FICA lapses
An inspection identified inadequate implementation of the RMCP and deficient customer due diligence processes.
FSCA’s three-year regulatory strategy anchored in COFI roll-out
A revamped licensing schedule and an enhanced Integrated Regulatory Solution platform will form the backbone of COFI-aligned supervision.
FIC calls on businesses to take their RMCP obligations seriously
The Centre, through inspections and compliance monitoring, will test an RMCP against the legislative requirements.
Retirement funds can’t use POPIA to withhold information from the Adjudicator
PAIA and POPIA should not be misused to hide inadequate investigations into dependants’ claims.
