Dispelling misconceptions about the two-pot retirement system
Members particularly need to understand pre-retirement withdrawals, and the implications of these withdrawals, including tax and liquidity at retirement.
Compliance and Legislation
Sharemax case: High Court rules on the status of the FST chairperson’s decisions
The adviser brought an application for the FAIS Ombud’s determination and the Tribunal chairperson’s decision to be reviewed in terms of PAJA.
Sending the details later cannot cure a non-compliant notice of intention to debar
The Tribunal finds that the debarment process followed by an insurance brokerage was not lawful or fair.
Retirement fund ordered to pay fraud victim’s R800 000 benefit
A pension fund mistakenly paid out a fraudulent claim to a syndicate while the rightful member was in prison.
Adjudicator blocks acknowledgement of debt signed under duress
The employee was told she would be granted immunity from prosecution if she agreed to sign the AOD.
Tribunal cracks down on second-hand car dealers – fines and refunds of R1.15m issued
The continued disregard of the Consumer Protection Act by second-hand car dealerships is a concern, the National Consumer Commission states.
CCMA settlement agreement does not invalidate debarment
Tribunal highlights the distinction between the processes that fall under the Labour Relations Act and the FAIS Act.
New competition laws will impact small businesses
The regulations relate to commercial dealings among small businesses and agreements between suppliers, customers, and distributors.
Changes to aspects of FAIS Ombud’s approach to handling complaints
The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.
FSCA releases list of licensed crypto asset service providers
Not meeting the operational ability and competency requirements are the main reasons the Authority rejected licence applications.
Authority highlights regulatory focus areas in 2024
FSCA pinpoints lack of oversight by KIs, FICA non-compliance, and unauthorised copy trading and funeral insurance business.
Extended 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 a report.
FSCA to act to recover R495m in fines owed by Jooste
Authority releases report on fines, debarments, investigations, and licence suspensions and withdrawals in 2023/24.
Important lessons from the Constitutional Court in the Coronation case
The departure point in determining whether a company qualifies for the foreign business establishment tax exemption is what it actually does.
Cybersecurity Joint Standard: commencement date confirmed
Joint Standard 2 of 2024 outlines the measures and best practices financial institutions must adopt to ensure robust cybersecurity.
FIC report on how accountable institutions can identify money mule activity
The Centre’s analysis found the extensive use of shell companies to host and conceal fraudulent funds.
Guidelines published on how to file arrear contribution reports
The FSCA says submissions have either not been in the prescribed format or contain incorrect information.
