The owner of a brokerage asked the Financial Services Tribunal to award him R2 million in damages because the FSCA refused to grant his firm an FSP licence. The regulator rejected the firm’s licence application because its sole key individual, director and shareholder did not comply with the fit and proper requirements. The tribunal also […]
Certain sections of the Cybercrimes Act came into effect on Wednesday, which means it is now a criminal offence to, among other things, send messages on social media that threaten to harm someone or damage their property. However, the provision that obliges electronic communications service providers and financial institutions (as defined by the Financial Sector […]
The Financial Services Tribunal has upheld the JSE’s directive that Namibia-based Trustco must restate its financial statements for the year to 31 March 2019 and its interim results to 30 September 2019, because they did not comply with the International Financial Reporting Standards (IFRS). The accounting “errors” pushed up Trustco’s profits by N$2.1 billion. The […]
The Financial Services Tribunal has expressed its disapproval of the way in which FNB debarred a representative – and it set aside the employee’s debarment for a second time. FNB dismissed and debarred the representative, because, it said, she intentionally misled the bank about her hours of work. The applicant said she was presented with […]
The National Consumer Tribunal (NCT) has cancelled the debt counselling registration of the managing director of Cape Town-based Onedebt and fined him R500 000. The NCT found Johan Fourie guilty of numerous transgressions of the National Credit Act, its regulations, and his conditions of registration as a debt counsellor. The hearing before the tribunal followed an […]
The Compensation Commissioner has published a Notice in the Government Gazette that sets out when the Compensation Fund will compensate employees for injuries, illness or death as a result of receiving a Covid-19 vaccine. The Notice was published in terms of section 6A(b) of the Compensation for Occupational Injuries and Diseases Act (Coida). The Compensation […]
The South African Law Reform Commission (SALRC) has extended until 14 January 2022 the deadline for comments on Issue Paper 41 that deals with its review of matrimonial property law. Issue Paper 41 replaces the SALRC’s Issue Paper 34 published on 28 August 2018. The commission said the revision is necessary in the light of […]
The Financial Services Tribunal has sharply criticised the FAIS Ombud for not holding an oral hearing during which material disputes of fact could be aired and considered, before making a finding. The tribunal set aside the ombud’s determination against an FSP who advised his client to invest in Sharemax and ordered her to reconsider the […]
The FSCA has withdrawn a proposed conduct standard for retirement fund investments in hedge funds, saying subsequent events have made the standard unnecessary. The draft standard was published by the erstwhile Financial Services Board for public comment in 2015. The FSCA published a revised draft in October 2020. The draft standard proposed that retirement funds […]
The Minister of Justice and Correctional Services has given private bodies until the end of this year to compile a Promotion of Access to Information Act (PAIA) Manual. The exemption is effective from 1 July to 31 December 2021, to give private bodies that are currently exempted adequate time to compile their PAIA Manual. From […]
