FSCA to embed ‘consumer vulnerability’ in its approach to supervision and regulation
The Authority’s Statement on Consumer Vulnerability will inform its engagements with stakeholders, starting this year.
Compliance and Legislation
Authority fines another FSP for FICA non-compliance
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
FIC issues sanction notices to non-compliant law firms and estate agents
The response to the Centre’s appeal to submit the outstanding risk and compliance returns ‘is not good enough’.
Not understanding tax residency may result in significant tax liabilities
You can break tax residency via the SARS tax emigration process or annually via the application of a double taxation agreement.
Restraints of trade: important principles for FSPs and advisers
The Labour Court upholds AdviceWorx’s application to enforce its restraint agreements against advisers who joined Wealth Associates.
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.
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.
