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.
Compliance and Legislation
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Of the 420 CASP licence applications received, nine were declined, while 106 applications were voluntarily withdrawn.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.
Judge rebukes bank for ‘high-handed’ approach to credit agreement reinstatement
Credit providers must quantify their reasonable enforcement costs promptly to allow for an agreement to be reinstated.
Proposals for stricter guidelines for foreign collective investment schemes
The updated guidelines focus on investor protection, derivatives usage, and strict reporting measures.
FSCA slaps R2.2 million in fines on FSPs for FICA violations
The FSCA highlights the role of RMCPs in safeguarding financial institutions and the financial system after compliance breaches by two FSPs.
Even serious misconduct requires a fair and lawful debarment process
The Tribunal’s ruling highlights that following the correct process is as important as addressing misconduct in the financial services sector.
No room for dishonesty: Tribunal upholds decision to reject FSP licence
The case illustrates how discrepancies in disclosure can undermine an individual’s suitability for a key role, resulting in the rejection of a licence application.
Arrear contributions: FSCA publishes third list of defaulting employers
A longer annexure of employers who have cleared their arrears or arranged to do so signals the effectiveness of the Authority’s ‘name and shame’ campaign.
Agreement can’t override an FSP’s duty to initiate debarment proceedings
The High Court rules on a former employee’s contention that the FSP’s notice of intention to debar was a breach of their settlement agreement.
Shareholder ties don’t lessen FICA compliance obligations
The Appeal Board dismisses an FSP’s argument that its close ties with its sole shareholder reduced the need for comprehensive due diligence.
