National Treasury proposes more changes to the two-pot retirement system
Delaying the implementation date and raising the seeding cap are among the announcements and clarifications.
Compliance and Legislation
What consumers should know about vehicle repossessions
The Ombudsman for Banking Services sets out the legal position regarding prescription, repossession, and a voluntary surrender.
FSCA to verify information about the significant owners of FSPs, CIS managers
The fingerprints of affected individuals may be taken to check information such as their qualifications and criminal records.
FIC issues guide on the definition of a ‘legal practitioner’
Public Compliance Communication 47A also provides examples of money laundering and terrorist financing risk indicators for legal practitioners.
Pension Funds Adjudicator proposes 35% increase in levy for 2024/25
The Minister of Finance will have to submit the increase to Parliament for approval because it exceeds the Consumer Price Index.
The lowdown on living annuity income payments to foreign bank accounts
Whether living annuity income can be paid into your foreign bank account will depend on your tax residency, the Sarb and Sars requirements, and your insurer’s processing procedures.
Discovery wins in dispute with RAF over medical scheme members’ claims
Constitutional Court refuses to grant the Fund leave to appeal against a judgment declaring its directive unlawful.
Claim for interim maintenance of R128 298 a month is excessive, says judge
The High Court also rejects a wife’s claim for R300 000 to pay for renovations and furniture, saying Rule 43 does not provide for lump-sum payments.
FIC publishes new guide on how to register with the Centre
Public Compliance Communication 5D updates the content of PCC 5C to take account of the changes to Schedules 1 and 3 to FICA.
Landmark judgment to ensure fairer outcomes in divorce cases
The Constitutional Court’s ruling allows for the possibility of asset redistribution despite the content of a signed antenuptial contract.
Last chance to register for our FICA compliance webinar
The free webinar will equip accountable institutions to follow a risk-based approach, as required by the Financial Intelligence Centre.
Husband faces imprisonment if he doesn’t comply with interim maintenance order
The High Court finds him in contempt for not paying maintenance to his wife, who suffers from chronic medical conditions, and his children.
FSCA fines funeral insurance business for operating without a licence
The sanctions follow an investigation which found that the entity was not authorised and its clients were not underwritten.
Where does commission end and chargeable advice begin?
Billy Seyffert, the chief operating officer of Moonstone Compliance, will share his insights on remuneration models in the insurance industry at the upcoming FPI convention.
FSCA proposes to align waiting periods for microinsurers and traditional insurers
The waiting period restriction in the Policyholder Protection Rules puts microinsurers at a competitive disadvantage, the Authority says.
Tribunal confirms JSE’s 20-year ban and R15m fine on Markus Jooste
The decision comes in the same week in which Steinhoff is due to be liquidated and delisted.
Participants in Open Finance must provide information to the FSCA
The information gathered by the study will help to shape the Authority’s Final Position Paper on Open Finance.
