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Archive | Compliance and Legislation

car-dealership

FSCA wants info on commissions paid by credit providers to motor dealers

The FSCA has given motor dealers and financial institutions operating in the vehicle asset finance (VAF) space until the end of June to complete a questionnaire about dealer introductory commissions (DIC). In a communication issued on 13 May, the Authority said that, following regulatory investigations undertaken in the British and Australian VAF markets, the FSCA […]

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cell-captive

Third-party cell captive conduct standard tabled in Parliament

The long-awaited conduct standard “Requirements relating to third-party cell-captive insurance business”, together with the Statement of Need and Intended Operation and the Consultation Report, was tabled in the National Assembly and the National Council of Provinces recently. The 2022 Conduct Standard follows the publication by the FSCA of a Draft Conduct Standard, under the same […]

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tax-burden

Draft Financial Sector Levies Bill dubbed ‘increased taxation by stealth’

Robert Vivian, professor of finance and insurance in the School of Business Sciences at Wits University and a member of the Free Market Foundation’s Rule of Law Board of Advisors, holds nothing back in an article titled Taxation by Stealth published in Biznews. In his view, the Draft Financial Sector Levies Bill 2021 is possibly […]

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divorce-rings

Court ruling has major implications for divorcing couples married out of community of property

The Pretoria High Court has asked the Constitutional Court to confirm an order that will have significant implications for how assets are redistributed when couples who are married out of community get divorced. In a judgment handed down on 11 May, the court declared that section 7(3)(a) of the Divorce Act is inconsistent with the […]

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inheritance

How tax residency affects your ability to receive an SA inheritance

The finalisation of a deceased estate is a time-consuming and frustrating process for South Africans. There is additional complexity and exasperation when one of the heirs is an expatriate. When you live outside South Africa and inherit from a South African source, you are required to have placed your emigration on file in order to […]

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rands

MPs ask Treasury for report on impact of new financial sector levies

Parliament’s Standing Committee on Finance has tasked National Treasury with producing a report on how the Financial Sector and Deposit Insurance Levies Bill will impact consumers and small entities. Read: FSPs face paying regulators much higher levies Treasury, the FSCA and the Prudential Authority (PA) this week briefed the committee on their responses to submissions […]

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johannesburg-high-court

Mom entitled to take ex-husband’s RA money for maintenance, says judge

A mother whose ex-husband owed her maintenance payments for their children was legally entitled to withdraw funds from his pension without giving him notice. This is the upshot of a ruling by Johannesburg High Court Judge Tina Siwendu, who was hearing an urgent application by the man. He sought an order that the mother of […]

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gastroscopy

Court upholds decision to cancel medical scheme membership based on non-disclosure

A decision by Profmed to terminate a membership retrospectively, on the grounds of material non-disclosure, went through all the Council for Medical Schemes’ appeal mechanisms and ended up in the Western Cape High Court, where the full bench upheld the scheme’s decision. Profmed terminated the membership of “MS” in November 2016 – 11 months after […]

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