Tribunal: Debarments invalid without proper notice
Despite a guilty plea at a disciplinary hearing, a rep’s debarment was set aside after the Tribunal found the FSP had not followed the prescribed process.
Compliance and Legislation
Clock is ticking for intermediaries to shape OMNI-Risk Return
Comprehensive industry input now will influence what data the FSCA collects and how it prioritises future enforcement and benchmarking.
R2.1m in penalties: FSCA shuts down unauthorised forex scheme
The FSCA has fined two individuals R2.1 million and debarred them for 20 years after uncovering an unauthorised forex-trading scheme that drew in hundreds of investors.
OMNI-Risk Return presentations available for downloading
The recordings of the three webinars on the Return can be viewed on the FSCA’s YouTube channel.
Adjudicator lacks jurisdiction over unapproved disability policies
Tribunal confirms that only benefits administered by a registered fund fall under the Pension Funds Adjudicator’s jurisdiction.
Three years that matter: emigration and access to retirement funds
The three-year countdown starts only when SARS formally recognises you as a non-resident – a difference of months can affect access and tax outcomes.
PA fines Discovery Bank R3m for FICA compliance failures
A 2021 inspection found late submission of suspicious activity reports, inadequate staff training, delayed monitoring responses, and shortcomings in the bank’s RMCP.
FST upholds debarment of rep who let his debarred brother advise clients
The former Sanlam Life representative claimed his brother only assisted him in an administrative or logistical capacity.
New era for fund administration: unpacking Conduct Standard 2
Trustees and administrators face a modernised regulatory framework designed to raise standards, strengthen accountability, and ensure fair outcomes for members.
Last chance to book for Moonstone’s compliance webinar
The agenda includes the OMNI-Risk Return, COFI, FICA Business Risk Assessments, and practical cyber-resilience guidance.
‘Adviser assistants’ under supervision are representatives
The Tribunal finds that the applicant’s contractual and supervision agreements meant she was a ‘representative’, placing her within the FAIS framework and its mandatory debarment provisions.
From OMNI-Risk to cyber risk – don’t miss Moonstone’s compliance webinar
Registration is open for Moonstone Compliance’s Regulatory Update Webinar on 12 November.
Tribunal: A fund’s rules control savings component withdrawals
The fund would be acting ultra vires if it paid a savings withdrawal while the member’s and employer’s contributions remained unpaid.
Infrastructure investor fined R1.7 million for FICA breaches
The FSCA identified serious lapses in Harith General Partners’ risk management, client due diligence, sanctions screening, and employee vetting.
SARB sanctions money transfer service for FICA non-compliance
The South African Reserve Bank cites deficiencies in Access Forex’s RMCP, customer verification, and staff training.
New Rules for Adjudicator emphasise efficiency, consistency, and COFI readiness
The draft Rules for the Office of the Pension Funds Adjudicator formalise existing procedures and align the OPFA with COFI and the cross-scheme framework.
FSCA publishes proposed levies and budget for 2026/27
The Authority seeks a 4% increase in levies to fund its operating expenditure, which will rise by 9%.
