Certain FSPs and CIS managers must provide information about FICA compliance
The DPI applies to all FSPs excluding FSPs that are exclusively authorised to render financial services in respect of non-life insurance and/or health service benefits.
Compliance and Legislation
Regulator announces deadline for the submission of PAIA reports
The heads of private bodies, information officers, or deputy information officers must be registered with the Information Regulator to submit an annual report.
New Joint Standard to regulate insurers’ ‘material’ outsourcing activities
The standard, which replaces GOI 5, governs outsourcing by insurers from a prudential and a conduct perspective.
FSCA withdraws licence of FSP linked to collapsed N-e-FG
The Hawks and the Authority are still investigating whether any of the assets administered by N-e-FG can be recovered.
Cybersecurity Joint Standard: Authorities announce likely commencement date
The FSCA and PA urge financial institutions to prepare for the standard’s implementation despite the provision for a transitional period.
Proposed UK tax reform set to shake up expats’ financial plans
The Conservative government’s plan to eliminate the non-domicile tax regime could mean higher taxes for expats on foreign income from April 2025.
Fund rapped for not giving a member a hearing before deciding to withhold his withdrawal benefit
The member, along with two others, was criminally charged because of allegedly fraudulent conduct that cost the employer R4 million.
Equality Court rejects privacy defence in hate speech case
Senior staff at a wealth management company laid complaints against a former shareholder and client.
New Labour Court rules target backlog: what employers need to know
The rules now specify new requirements for review applications, including that the application must contain ‘no more than a concise statement of the grounds of review’.
FSCA proposes amending the conditions for section 14 transfers
The draft amendments address the misalignment between the current prescribed section 14 application forms and the upcoming two-pot regulations.
Tribunal: clear separation of first-party and third-party risks within cell structures
The decision clarifies the boundaries and regulations concerning reinsurance business conducted through cell captive structures.
FSCA issues directive to funeral service: thousands of clients affected
The Authority instructs Hernell Funerals to cease operating as an unauthorised FSP and insurer.
Legal experts advise companies to bolster internal anti-corruption measures
A recent amendment means members of private or public companies who fail to prevent their ‘associates’ from participating in corruption will face liability.
Unnoticed changes to documents crucial to BI dispute between mall owners and insurers
The contract went through 10 iterations between July 2019 and March 2020, with the term ‘infectious and contagious diseases’ variously in or out.
High Court orders insurer to reconsider unfair debarment carried out in 2016
The applicant only became aware in May last year that the decision to debar her constituted administrative action.
Cybercriminals ramp up their attacks on tax practitioners
SARS responds to reports of hackers accessing practitioners’ eFiling profiles, removing clients, and changing banking details.
Insurance quote manipulation: Tribunal orders Discovery to reconsider debarments
The onus lies with the FSP to prove the facts it relies upon to debar its representative on a balance of probabilities.
