Tribunal upholds strict timing for FSP debarments
Section 14(1)(b) of the FAIS Act cannot be stretched to catch misconduct discovered after a representative’s tenure.
Compliance and Legislation
Prudential Authority sanctions three banks for FICA breaches
HBZ was fined an effective R7.5m, Citibank’s fine was fully suspended, and Bank of Taiwan was reprimanded.
More FAIS Ombud determinations against funeral provider
Luvuyo Burial and Consulting did not pay the claims in full even after the Ombud’s Office intervened.
FICA compliance: FSP turns a R500k sanction into a learning curve
The owner of MIKA Finansiële Dienste shares four key takeaways after successfully remediating the deficiencies in its RMCP.
FSCA suspends FSP’s licence after third Ombud determination
The beneficiaries waited months to be paid their funeral policy benefits, but they received only partial pay-outs despite undertakings to the contrary.
Compliance trumps empowerment: decision to deregister co-operative bank upheld
The Tribunal agrees with the Prudential Authority that Women Building our Africa failed to meet the registration conditions and governance benchmarks.
Reappointment, not a stopwatch: Tribunal on FSP debarment durations
Unlike FSCA-imposed bans with fixed terms, debarments driven by an FSP stay in force until another FSP is convinced a rep is Fit and Proper.
OMNI-CBR will be embedded in new supervisory technology platform
Financial institutions are advised to pause their internal Conduct of Business Return initiatives pending further communication from the FSCA.
Expect the FSCA to call – heightened AML/CFT oversight ahead
What the Authority expects from financial services providers when it conducts Financial Intelligence Centre Act inspections.
Adjudicator asks FSCA to act against ‘unresponsive’ retirement fund
Muvhango Lukhaimane says the SALA Pension Fund’s refusal to engage with her Office’s enquiries constitutes a breach of the fund’s fiduciary obligations.
Loans to settle divorce settlement sink microlender’s mutual bank application
The proposed CEO breached the Companies Act by allowing another company of which he was the sole shareholder to advance loans to him while it was insolvent.
Here are the deadlines for the 2025 tax season
What taxpayers should know about auto-assessments and who is required to file an income tax return.
FAIS Ombud finds broker negligent for failing to update client’s contact details
The material change from a co-policyholder to a sole policyholder should have alerted the FSP of the need to review the policy.
Benefit allocation | When may a retirement fund consider DNA testing?
When the paternity of a retirement member’s child is in doubt, boards must tread a fine line between equitable distribution and undue intrusion.
Make your CPD hours count before the 31 May deadline
With the clock ticking, MBSE’s flexible, value-packed online CPD courses help you stay compliant and grow professionally – even at the last minute.
Former financial planner’s debarment over client loans upheld
The Tribunal confirmed Standard Bank’s decision to debar its representative for borrowing thousands of rands from his clients and failing to disclose his outside business activities.
FSP fined for inadequate client-screening processes
An RMCP must set out the processes for identifying, investigating, and reporting suspicious transactions, and for screening clients against the sanctions lists.
