FSCA moves to simplify RA and preservation fund transfers
In response to industry calls, the Authority has drafted an exemption from the section 14(1) process for retail retirement funds.
Compliance and Legislation
FIC demands full RCR compliance to aid exit from the grey list
The Financial Intelligence Centre issues a stern reminder to designated non-financial entities – particularly legal practitioners and estate agents – to file their overdue risk and compliance returns.
Legally wed, financially left out: wife denied pension benefit
The FST has upheld a ruling that a legal spouse must still prove financial dependence or be nominated to receive a share of a deceased member’s pension benefit.
SA labour law may extend to employees living or working abroad
National labour forums have jurisdiction when the employment contract is governed by South African law and connected to a local public entity.
Information Regulator opens submission window for 2024/25 PAIA reports
Public and private bodies are ‘invited’ to submit their annual reports on access-to-information requests for the period from 1 April 2024 to 31 March 2025.
SCA clarifies pawnbroker’s rights to proceeds from asset sales
The judgment addresses several aspects of the National Credit Act, including the obligation to register as a credit provider and permissible interest charges.
Updated POPIA compliance: data breach reporting must be online
From 1 April, all security breaches must be reported solely via the Information Regulator’s online portal, not by email.
FSCA confirms first-day calculation for late-payment interest
The revised interpretation, which reverses the Authority’s earlier guidance, aligns with the Office of the Pension Funds Adjudicator’s view.
Updated regulatory framework aims for ‘fair customer outcomes’ in pension administration
The Conduct Standard outlines a series of updated requirements for benefit administrators, including governance enhancements, risk management protocols, and processes for ensuring fair outcomes for fund members and beneficiaries.
Judgment clarifies approval of director appointments under the Insurance Act
The High Court confirms a Tribunal decision that the appointment of directors of insurance companies can be regularised retrospectively. It underscores that section 14 of the Insurance Act does not require the Prudential Authority’s pre-approval.
Court backs FST’s decision to scale down penalty for insurance breach
The judgment confirms that the Tribunal acted within its authority when it reduced a penalty imposed by the Prudential Authority on two state-owned insurers.
Financial institutions urged to prioritise cyber resilience as Joint Standard takes effect
With Joint Standard 2 on cybersecurity coming into force on 1 June, the Prudential Authority emphasises the need for financial institutions to bolster resilience, share intelligence, and prepare for inevitable cyberattacks.
No RMCP, no excuse: FSCA fines three FSPs a combined R735 000
One of the sanctioned FSPs says it’s important to request virtual meetings with the FSCA after each feedback round to ensure all compliance expectations are met.
Tribunal sets aside debarment, citing inadequate notification
The FSP used an email address it obtained from a credit bureau, but the rep denied this address belonged to her.
Updated lists of qualifications for FSPs and representatives released
The FSCA’s latest Notice of the recognised qualifications replaces previous notices from 2021 and 2023.
FIC maps the money laundering, terror financing risks facing SA’s crypto sector
The report outlines the CASP sector’s vulnerabilities and provides guidance on how enhanced compliance and improved risk management can help to safeguard the industry.
FIC seeks further input on guidance for money or value transfer service providers
The Financial Intelligence Centre has refined its draft PCC, addressing industry feedback on payment system operators, open- and closed-loop cards, and third-party payment services.
