Another property syndication determination has been sent back to the FAIS Ombud, with the Financial Services Tribunal (FST) stating that the ombud had, among other things, not dealt fairly with the evidence of expert witnesses who testified in favour of the FSP. Read: Tribunal advises FAIS Ombud on how to reconsider Sharemax determination Read: FAIS […]
The Financial Intelligence Centre (FIC) has published a draft directive that requires accountable institutions to screen their employees for competence and integrity, as well as scrutinise employee information against the targeted financial sanctions lists, to combat money laundering, terrorist financing and proliferation financing (ML/TF/PF). Draft Directive 6/2022 is supported by draft Public Compliance Communication 116, […]
The Financial Intelligence Centre (FIC) has published a draft public compliance communication with a view to amending Schedule 1 of the Financial Intelligence Centre Act (Fica) to take account of the creation of “property practitioners” in terms of the Property Practitioners Act. Item 3 of Schedule 1 to Fica lists an estate agent, as defined […]
The two-pot retirement system will come into effect on 1 March next year, according to draft legislation published for public comment by National Treasury on 31 July. However, in an accompanying media release, Treasury said the proposed 2023 implementation date was optimistic, because retirement funds will have to change their rules and systems, and the […]
The Ombudsman for Banking Services (OBS) has issued a communication that alerts consumers to their rights when it comes to debt that has prescribed. According to ombudsman Reana Steyn, most consumers are ignorant that creditors are prohibited from collecting prescribed debts that fall under the National Credit Act (NCA). The Prescription Act, read with section […]
The Financial Services Tribunal (FST) has set aside the debarment of a bank employee, saying the possibility or suspicion of the transgression was not a sufficient reason for him to be debarred. The tribunal provided the following context to the matter: First National Bank conducts investigations into instances of employees who provide account information to […]
Since their inception in 2009, there have been many misconceptions about crypto assets, often referred to as cryptocurrencies. These misconceptions have cost investors millions of rands and have subsequently been addressed or explained on numerous media platforms. By now, even novice investors should know that crypto assets are not the preferred mode of buying illicit […]
The Financial Services Tribunal (FST) has set aside a determination by the Pension Funds Adjudicator after finding that her office did not serve the complaint on all the affected parties, thereby denying them their rights in terms of the audi alteram partem rule (both sides of the case must be heard). The FST also drew […]
The Financial Services Tribunal (FST) has sent yet another determination related to an investment in Sharemax back to the FAIS Ombud for reconsideration, with the tribunal saying the ombud needed to apply the legal tests for negligence and causation to the matter. Read: FAIS Ombud did not act impartially in Sharemax matter, says tribunal Read: […]
Technological development, although rapidly accelerated by the Covid-19 pandemic, has been changing the insurance landscape for some time. Nowhere have the effects of digitalisation been felt more acutely than in the agricultural sector, where technological innovation has propelled widespread change over the past decade. An example is the emergence of precision farming, which employs several […]
