The FSCA has just released their response to comments received on the published draft Exemptions from the STIA and LTIA Regulations. In addition, the FSCA also published the following two exemption notices which relate thereto: 1. FSCA INS Notice 4 of 2020 FSCA Insurance Notice 4 exempts independent intermediaries from Regulation 4.2(3) insofar as it relates […]
The Financial Intelligence Centre (FIC) has just published Public Compliance Communication No 43 (PCC43). The objective of the communication is to provide accountable institutions (AI) with the FIC’s view on compliance with their customer due diligence obligation in terms of Part 1, Chapter 3 of the FIC Act, where the accountable institution requests assistance from another accountable institution […]
The FSCA has an ongoing responsibility to take appropriate remedial and enforcement action where a financial institution has failed to comply with the law. A few of the latest enforcement orders issued by the FSCA make it very clear that transgressing the financial sector laws can be a costly mistake. Malvern Trading CC t/a Malvern […]
A recent Financial Services Tribunal case highlights the jurisdiction of the Pension Funds Adjudicator (PFA) in so far as group life insurance scheme falls under the Pension Funds Act are concerned. Case background ● Mr B was the spouse of the late Mr B (the deceased). ● The deceased was an employee of the ABSA […]
A court ruling has empowered consumers to force their medical aids to fund any drug or medical care a doctor considers necessary to treat any disease that falls under the “Prescribed Minimum Benefits” (PMB. Business Day reported that the Council for Medical Scheme’s ruling followed the case of a glaucoma patient who took on Discovery […]
Sales staff turnover in the financial services industry has always been notoriously high. Of late, it has become evident, from decisions by the Financial Services Tribunal, that due process was not always followed to the letter. In fact, some of the biggest mistakes were made by institutions with more than enough legal and compliance knowledge […]
As a result of the right to appeal against a debarment decision, there was a substantial increase in debarment cases referred to the Tribunal since April 2018. In most of these cases the process was challenged. Some of these cases were remitted back to the FSP for reconsideration and to follow the prescribed debarment steps. But […]
“Consequential loss” has always been a grey area in the short-term insurance industry. The South African Insurance Association (SAIA) defines “consequential loss” as “a loss not directly caused by the insured event, but an indirect result of the event. “ An example is when a person’s geyser bursts and their ceiling and carpets are damaged. […]
1. Draft Public Compliance Communication 102 on Supervisory Body Access to STR and STR information The draft PCC 102 sets out the provisions of the FIC Act that allows for certain supervisory bodies, which includes the FSCA and the SARB, to have access to suspicious and unusual transaction reports (STR) as submitted by reporting entities […]
Towards the end of 2019, a ruling by the Western Cape High Court made headlines in various media. The ruling found in favour of the Stellenbosch University Law Clinic, Summit Financial Partners and 10 of their clients in relation to garnishee deductions, and has been hailed a victory for the poor. Moneyweb reported that judgment […]
