Industry red-flags contradictions between Divorce Act and pension law amendments
The Association for Savings and Investment SA and the Institute of Retirement Funds Africa also call for amendments not related to the two-pot system to be held over.
Compliance and Legislation
Same falsified Uber receipts, but a different outcome at the Tribunal
There are differences in the circumstances surrounding the debarments and the reconsideration applications.
New earnings threshold takes effect on 1 April
If you earn above the threshold, certain provisions of three pieces of labour legislation no longer automatically apply.
Increase in penalty for non-submission of insurance returns
The penalty is R8 215 a day, in terms of the Long-term Insurance Act or the Short-term Insurance Act.
Wife accused of murder cannot receive a death benefit
‘The bloody hand does not inherit’ is an established common law principle, says the Pension Funds Adjudicator.
Two pots: administrators encouraged to submit draft rule amendments
The FSCA expects to receive a large number of amendments, so it would like to have prior sight of the proposed amendments beforehand.
Financial sector transformation: progress, but challenges remain
Life offices and asset managers exceed B-BBEE ownership targets, but face hurdles with employment equity targets, ASISA report finds.
FSCA aligns waiting periods for funeral policy benefits across insurers
Microinsurers are no longer restricted to imposing a waiting period of three months for a death, disability, or health event resulting from natural causes.
CIS managers warned against breaching the portfolio exposure limits
The exceptions to the exposure limits do not apply when the limits are breached because distributions are re-invested, the FSCA says.
FSP tries to debar another firm’s representative who approached its clients
The FSP conflated the requirements for debarment under section 14 of the FAIS Act with the requirements and procedure for a debarment by the FSCA.
FSCA finalises new Interpretation Ruling on section 37C of the PFA
Interpretation Ruling 1 of 2020 incorrectly brought an unclaimed benefit within the ambit of section 37C of the Pension Funds Act.
CEO fined R7.5m and barred as a director for share-trading during closed period
The JSE says Luxe’s former chief executive refused to acknowledge regulatory correspondence or co-operate with the investigation.
SARS can seize the property of third parties on the premises identified in a warrant
The suspicion that the third party’s vehicle contained material relevant to the taxpayer under investigation was sufficient for it to be searched, SCA finds.
FIC invites comments on its draft risk assessment report for crypto asset service providers
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
Key aspects of Treasury’s proposals to reform SA’s financial ombud system
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
Labour Court upholds restraint of trade, warning against confidentiality breaches
Two insurance brokers found themselves under the scrutiny of the Labour Court, as they were called to account for soliciting clients from their previous employer.
New National Financial Ombud scheme launches
The previously separate credit, banking, and long-term and short-term insurance ombud schemes are now under one roof.
