What the FSCA and retirement funds are doing to tackle arrears
Commissioner Unathi Kamlana is confident that within two years, arrears could be far less of a systemic problem.
Compliance and Legislation
Pensions adjudicator seeks big levy increase in 2026/27
The OPFA says it needs to take on more staff to handle the significant increase in the number of complaints.
Unauthorised policies falsely attributed to a junior accredited rep
The Tribunal confirms Assupol’s decision to debar a representative after forensic evidence showed he advised on life policies while unauthorised.
Asset forfeiture and unlawful money schemes
Fraud victims have two distinct remedies: criminal-law-driven asset forfeiture via the Prevention of Organised Crime Act and civil liquidation proceedings under the Companies Act.
FSPs sanctioned for FICA failures – fines totalling R700 000
The FSCA found both firms lacked effective risk management capabilities, including deficient RMCPs, poor customer due diligence, and failures to screen against the sanctions lists.
FST upholds debarment over ‘ghost caller’ policy
The evidence accumulated by Momentum supported its finding that the agent lacked honesty and integrity.
What ‘capital’ could be in a CIS capital distribution
A proposed amendment to the Income Tax Act will tax unit trust investors on capital distributions before disposals, without any base cost offset.
Levies payable to the FSCA set to rise in 2025/26
The proposed amendments will also see increases in the Tribunal levy and the FAIS Ombud’s charge per KI/representative.
Regulators invite comment on draft IT and cyber incident reporting rules
Financial institutions subject to Joint Standards 1 of 2023 and 2 of 2024 are asked to provide feedback by 5 October 2025.
Outdated affidavit rules clash with digital era demands
Sixty-year-old legislation continues to bind litigants to physical processes, even as remote work and electronic communication have become the norm.
SCA clarifies legality of ‘on-the-road fees’ in vehicle finance agreements
The Court says credit providers must ensure full transparency in disclosing the nature, cost, and financing implications of these charges.
Business groups criticise withdrawal of NCA amendments
The Regulations have allowed credit bureaus to obtain consumer information from educational institutions for the past 19 years.
Policy breaches alone are not enough to justify debarment
The Tribunal said allegations of not following sales scripts may breach internal policy but do not in themselves demonstrate dishonesty or a lack of integrity.
Tribunal upholds R1.18m fine and debarment for unauthorised services
Pierre Erasmus said the sanctions were disproportionate, and his dealings with clients were friendships, not formal business relationships.
New dismissal code recognises small business constraints
The code sets out how dismissals must meet substantive and procedural fairness requirements.
Draft Bill hides a ‘stealth tax’ in your unit trust investments
Proposed amendments could undermine the tax-efficient compounding that makes a collective investment scheme an attractive investment vehicle.
Client’s ‘substance-induced’ U-turn fails to convince Tribunal
The client initially swore to non-consent, but in a second affidavit he said drugs clouded his memory, insisting he was present when the policies were initiated.
