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Archive | Compliance and Legislation

Forgive and forget – so ‘no need’ to disclose debarment

Forgive and forget – so ‘no need’ to disclose debarment

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 […]

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Cybercrimes Act takes effect – sending threatening messages can land you in prison

Cybercrimes Act takes effect – sending threatening messages can land you in prison

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 […]

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NEW IMAGE - Tribunal upholds JSE directive that Trustco must restate its financial results

Tribunal upholds JSE directive that Trustco must restate its financial results

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 […]

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Tribunal not impressed with how FNB debarred employee for the second time

Tribunal not impressed with how FNB debarred employee for the second time

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 […]

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Tribunal pulls Onedebt MD’s debt counselling registration, issues R500k fine

National Consumer Tribunal pulls Onedebt MD’s debt counselling registration, issues R500k fine

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 […]

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When will the Compensation Fund pay out for Covid vaccine-related side-effects

When will the Compensation Fund pay out for Covid vaccine-related side-effects?

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 […]

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Tribunal appeals to FAIS Ombud to get her act together

Tribunal appeals to FAIS Ombud to get her act together

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 […]

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FSCA withdraws proposed hedge fund conduct standard

FSCA withdraws proposed hedge fund conduct standard

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 […]

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