COFI: What must an advice file prove beyond compliance?
The FSCA’s Lezanne Botha explains why signed forms and completed disclosures are not enough, and what evidence can show that advice was suitable and customers were treated fairly.
Compliance and Legislation
COFI: Existing licence holders won’t have to reapply
The FSCA plans to consult on its relicensing approach and publish it about six months before the relevant provisions take effect.
Legal advisers map route forward for JIBAR transition Bill
The finance committee can remove the Bill’s proposed amendments to the invalidated Public Procurement Act and proceed with the benchmark provisions.
FIC guide sets out Directive 10 registration process
Accountable institutions are given detailed instructions for submitting branches and subsidiaries, linking existing registrations, and managing location information on goAML.
NCC extends deadline for opt-out registry comments
Financial institutions, insurers, and other direct marketers have until 6 November to comment on proposed guidelines setting out their compliance obligations.
ConCourt clears pension obstacle in divorce redistribution claims
Following its 2023 judgment, the Court has removed the separate exclusion that prevented pension interest from being considered in qualifying post-1984 marriages.
Debarment set aside after call record contradicts key allegations
The Tribunal questioned Clientèle’s ‘free’ voucher advertising and sales script, while the insurer says its Royalty benefit is provided at no additional cost.
Sanctions-screening software is no shield against non-compliance
The FIC’s new manual explains when institutions should screen clients, how they must assess possible matches, and what follows when sanctioned property is identified.
Parliament hits pause on urgent JIBAR transition Bill
The invalidation of the Public Procurement Act has left lawmakers weighing whether removing part of the amendment Bill would require further public participation.
FIC issues draft guidance for dealers in precious metals and stones
Draft PCC 126 sets out when dealers fall within FICA’s high-value goods category and explains the resulting registration and compliance obligations.
Tribunal: FSCA cannot impose joint-and-several penalties under section 167
The FST says the factors in section 167 of the FSRA are individual in nature and must be assessed in determining the appropriate penalty for each person.
SARS separates diesel refunds from VAT system
The standalone system introduces new registration, seller relationships, and record-keeping requirements.
AML Bill: Committee completes clause-by-clause deliberations
The wording of several provisions has been refined, but procurement-related drafting and the response to concerns raised by the NPO sector remain outstanding.
Tribunal halves former trader’s market-manipulation penalty
The FSCA improperly allowed cost-recovery considerations to influence the sanction and did not assess the applicant’s financial benefit separately from his client’s.
Tribunal upholds JSE censure of Mantengu over delayed cautionary
The company should have acted in June 2023 when it suspected that confidential information about a R100-million acquisition had been compromised.
SCA settles uncertainty over deductibility of raising fees
The majority judgment confirms that raising fees can qualify as finance charges similar to interest, potentially reducing the after-tax cost of debt funding.
Wrong email address leaves FSP unable to pursue debarment
The Tribunal found that proceedings had not commenced before the six-month deadline, preventing it from sending the matter back for reconsideration.
