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.
Compliance and Legislation
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.
Tribunal sets aside debarment involving dispute over replacement policies
The representative’s conduct of completing contracts as new instead of replacements was not motivated by dishonesty, the FST says.
Ruling clarifies separate agreement fees under the National Credit Act
Fees in separate agreements between a service provider and consumers are not automatically illegal, provided they are kept separate from the fees regulated under the credit provider’s agreement.
FSCA registers 88% of retirement fund rule amendments
With 748 applications approved and only 98 pending, the Authority says it’s on track to finalise all outstanding matters by the end of the week.
Two strikes and you’re out: SARS clarifies tax practitioner registration
An Interpretation Note provides clear guidelines on when a practitioner can be prohibited from registering or deregistered due to non-compliance.
Retirement funds get exemption from using prescribed section 14 transfer forms
The exemption will apply pending the finalisation of the consultation process on the draft amendments to Conduct Standard 1.
Court enforces restraints of trade in dispute between wealth management firms
The judgment shows that ‘reasonable apprehension’ can tip the scales in favour of enforcing trade restraints and confidentiality agreements.
Finance Minister publishes FSP levies for 2024/25
Entities supervised by the FSCA are in for an increase of 6%.
Court rules on FAIS Act exception argument in dispute over commission
The judgment clarifies aspects of the FAIS Act, particularly regarding the nature of ‘advice’ and ‘intermediary services’.
Final legacy RA exemption conditions published
Commentators did not raise any significant concerns in their responses to the draft conditions, the FSCA says.
SARS alerts fund members to the requirements for two-pot withdrawals
A request for a tax directive will be declined if a member is not a registered taxpayer or has outstanding returns.
Adjudicator urges funds and members to communicate to avoid two-pot complaints
Members should find out whether they will be eligible to withdraw money from their savings components.
FSCA warns against Blueway Trades’ forex AI robot and social media tactics
One of the entity’s Facebook posts says it can turn R1 700 into R120 000.
Temporary RE exemption for crypto FSPs expires in three months
FAIS Notice 25 of 2023 exempts crypto asset FSPs and KIs from the regulatory examination requirements for 18 months.
Legal practitioners reminded to comply with the Financial Intelligence Centre Act
The Financial Intelligence Centre sets out legal practitioners’ obligations under the FIC Act.
