Directors found liable for unpaid retirement contributions
The Engineering Industries Pension Fund and the Metal Industries Provident Fund use the personal liability provisions in the Pension Funds Act.
Compliance and Legislation
ConCourt divided over employers’ right to dismiss post-retirement employees
Can an employer rely on section 187(2)(b) of the Labour Relations Act when dismissing an employee who has worked beyond the normal or agreed retirement age?
Be aware of the difficulties when dealing with tax debt in business rescue
Can a creditor lose their right to enforce post-commencement debt? A High Court case sheds light on the fine print of business rescue rules and SARS’s role in enforcing tax obligations.
Deadline looms for input on FSCA’s financial education charter
The finalised Financial Education Commitment Charter is set to have a significant on impact the industry, requiring institutions to invest in targeted education programmes.
Retirement fund trustees face personal liability for cybersecurity non-compliance
With the Joint Standard on Cybersecurity and Cyber Resilience set to take effect in June, trustees could be held personally liable for losses due to data breaches.
Bill proposes wide-ranging changes to strengthen AML regime
The amendments to the Companies Act, FICA, and the Financial Sector Regulation Act are designed to close regulatory gaps and enhance enforcement.
Treasury publishes draft amendments to two-pot legislation
The Bill provides for flexibility when provident and provident preservation funds perform the seeding calculation.
Incidental credit providers excluded from FICA registration
The revised draft of PCC 23A brings further clarity to the interpretation of credit providers under the Financial Intelligence Centre Act.
FSCA slaps R2.1m fine and 20-year ban on unauthorised forex operator
An investigation found that Greyshore Investments solicited deposits while promising to trade on behalf of investors, without the necessary authorisation.
FSCA fines two financial firms R1.2 million for FICA compliance failures
Risk management failings, inadequate customer due diligence, and lack of senior management oversight are key lessons for the industry.
FSCA crypto licensing update: more than 240 CASPs approved
Of the 420 CASP licence applications received, nine were declined, while 106 applications were voluntarily withdrawn.
FSCA withdraws decades-old guideline on surplus submissions
After more than 20 years, the Authority is withdrawing Circular PF No. 127, which aimed to streamline surplus submissions for retirement funds in the termination process.
FIC cracks down on RCR defaulters: R10 000 fine today, bigger sanctions tomorrow
Accountable institutions that did not pay the smaller fine or remediate their non-compliance now face harsher penalties.
Spam calls are now electronic communication: guidance note closes direct marketing loophole
The Information Regulator’s Guidance Note on Direct Marketing under POPIA classifies traditional phone calls as electronic communication.
Small businesses gain relief under Employment Equity Act amendments
The amendments to the Employment Equity Act will come into force on 1 January. Employers must navigate new compliance requirements and prepare for the road ahead.
Tribunal ruling draws clear line on Adjudicator’s jurisdiction over unapproved disability claims
The ruling underscores that disputes over unapproved disability claims underwritten by insurers through employer-held policies must be addressed with employers and insurers.
Criminal liability for small businesses that fail to register for VAT
Exceeding the R1m threshold without registering could have serious consequences for businesses. SARS is stepping up enforcement, with a wave of cases landing in the Specialised Commercial Crimes Court.
