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.
Compliance and Legislation
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.
Treasury proposes new framework to regulate hedge funds outside CIS
The proposal is for hedge funds to be subject to a different tax regime, potentially removing the ‘revenue versus capital distinction’ that causes tax uncertainty.
FIC tightens crypto asset compliance with ‘travel rule’ directive
Starting 30 April 2025, CASPs and FSPs will have to collect and share detailed client information when engaging in crypto transfers.
Bank fraud: FICA doesn’t create a private law right to third-party damages
A couple who were victims of business email compromise argued that FICA imposed a private law duty on Nedbank to protect them from financial harm.
R7.7m fine stands as FIC Appeal Board rules against law firm
The firm of attorneys said its non-compliance was not intentional and was the result of a lack of awareness.
Corporate taxpayers sceptical of SARS’s service delivery gains
Half of corporate taxpayers in PwC’s latest survey express dissatisfaction with SARS’s service improvements. Only 3% report a positive shift, while audit delays and penalty disputes remain a major pain point.
Dispute over cancelled policy: FST orders FAIS Ombud to reconsider decision
The Tribunal’s decision underscores that financial advisers’ duties are limited to the specific terms of their engagement.
Temporary RE exemption for crypto FSPs extended
The Authority gives crypto asset service providers a seven-month reprieve.
FSCA and PA to revamp funeral insurance regulations – call for stakeholder input
Inputs provided during workshops in 2025 will guide the formulation of ‘a pragmatic and balanced approach’ to the regulation and supervision of funeral insurance.
How the COFI Bill will affect the retirement industry
The ‘imminent’ COFI Bill will introduce the licensing of retirement funds (including public sector funds), stricter board member standards, and enhanced oversight of contributing employers.
FAIS Ombud erred in dismissing complaint against insurance broker, says Tribunal
The Ombud failed to investigate key facts around the broker’s alleged negligence in communicating an essential policy requirement.
Accountable institutions given final deadline for DPI
Following widespread challenges with its e-portal, the FSCA has re-opened submissions for its Directive to Provide Information.
FSCA fines and debars retirement fund administrator’s directors
Fund members lost at least R470m after N-e-FG’s high-risk investments went south in 2021. Now, two of its directors have been fined R30m each.
