Exam fraud: FSCA urges financial firms to verify RE certificates
FSPs have a statutory obligation to combat exam fraud by verifying certificates directly with Moonstone or the FSCA.
Compliance and Legislation
FIC to launch inspections on CASPs amid growing regulatory scrutiny
The Financial Intelligence Centre’s sector final risk assessment report for crypto asset service providers is set to be published in the new financial year.
HSBC and Bidvest hit with fines for FICA non-compliance
The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
Constitutional Court clarifies CGT in multi-tier trust arrangements
The court’s interpretation and application of the conduit principle has implications for structures involving layers of multiple discretionary trusts.
Small FSP that was fined R1.1m shares four lessons in FICA compliance
The owner of MIKA Finansiele Dienste emphasises that waiting for an audit before getting your house in order can have costly consequences.
Old Mutual fined almost R16 million for FICA violations
The Prudential Authority discovered the non-compliance during a routine inspection conducted four years ago.
FSCA to implement fee increase in October
The FSCA will increase the fees it charges for various supervisory activities by 6% from tomorrow, 1 October.
Precedent-setting case highlights legal hurdles in transfer pricing disputes
The tax dispute between ABD and SARS highlights the complexity of IP royalty pricing and the importance of expert testimony in transfer pricing audits.
Excellence in action: MBSE students rank high in CFP® exam
As MBSE students earn top-five ranks in the CFP® Professional Competency Exam, the school is already gearing up for the 2025 introduction of the Capstone Project, a new assessment model.
FSCA wants to know how much two-pot withdrawals are costing members
The Authority is seeking information on how much it costs retirement funds and administrators to adapt their systems for the new two-pot structure.
Civil society frustrated by corruption-fighting information falling through the cracks
The Organisation Undoing Tax Abuse highlights the need for a centralised platform for sharing information to empower South Africa’s criminal justice system.
Regulator battles for data privacy: major cases against SARS, SAPS and IEC
The Information Regulator gives feedback on cases tackled this year against various public entities to enforce compliance with PAIA and POPIA.
Tribunal upholds debarment of underwriting manager over false claims
SASTUA says the former key individual issued policies under false pretences and submitted duplicate claims for the same items.
Single mother and sole breadwinner pleads for debarment to be lifted
Commercial insurance agent who was debarred for diverting premiums to her bank account asks to be allowed to make a fresh start.
Adjudicator says levy increase will support operational independence
The Pension Funds Adjudicator is looking to implement a 4.7% increase in its levy, raising the cost to retirement funds by 49c per eligible member.
Court orders employer to disclose bank records in battle over contributions
The Mafube Local Municipality is accused of withholding nearly R38 million in employee retirement fund contributions.
Regulator pushes for stronger PAIA enforcement amid low compliance by public bodies
The Information Regulator’s upcoming guidance note clarifies that direct marketing via phone calls falls under POPIA’s consent requirements.
