Joint Standard on how financial institutions should manage their IT risks
Financial institutions are expected to implement IT controls that are commensurate with their risk appetite, based on the nature and size of an institution’s operations.
Compliance and Legislation
Supreme Court of Appeal dismisses challenge to the procedural fairness of sections of the FSR Act
It was argued that the Act does not require the FSCA to invite submissions before deciding whether a person has contravened a financial sector law.
Treasury makes some concessions on drastic tax proposals
Update on draft legislation: the requirement for foreign employers to withhold PAYE, Practice Note 31, and the foreign business establishment exemption.
Time is running out to apply for a crypto asset licence
One can continue to render crypto asset financial services if the application is submitted by 30 November.
Higher level of compliance by individual taxpayers this filing season
But Sars has identified categories of non-compliant taxpayers who face penalties and legal action if they don’t come clean.
FIC highlights money laundering risks in the accountancy sector
The aim of the draft risk assessment is to help accountants understand the sector’s money laundering and terrorism financing vulnerabilities.
More amendments on the table to get SA off the grey list
One of the amendments will allow Sars to share taxpayer information with a wider range of government agencies.
Discovery Connect acts against sales agents who manipulated clients’ policies
The Financial Services Tribunal hears the reconsideration applications brought by three of the 15 implicated agents.
Man who married four wives loses claim to 50% of his first wife’s pension interest
The first wife bought wedding dresses for the third and fourth wives, but this did not prove that she consented to the marriages.
Two defective intention notices scupper representative’s debarment
FNB argued the Tribunal should accord greater weight to the severity of the rep’s misconduct than to ‘procedural mis-steps’.
High Court rules on regulator’s bid to stop prepaid healthcare vouchers
The Registrar believes the products sold by Netcare Plus and Discovery Health constitute the business of a medical scheme.
Must a retirement fund impose a timeline on an employer to institute civil proceedings?
More than a year passed between the employer indicating that it reserved its right to withhold a former employee’s withdrawal benefit and instituting civil proceedings against him.
Tribunal: a CCMA case has nothing to do with debarment
The FST emphasises that labour-related and FAIS-related matters are distinct.
Is your website using the correct PAIA forms?
Some private and public bodies are still using the forms that were repealed two years ago, the Information Regulator says.
Share buybacks have a place, but taxpayers should tread carefully
The South African Revenue Service has introduced measures to prevent abuse in share buyback arrangements.
Rep’s version of accessing client’s account ‘doesn’t ring true’, says Tribunal
The FST questions why he would take a call on his private cellphone from a friend of a friend and access confidential information without authority.
S&P Global in SA contravened requirements to disclose withdrawal of a credit rating
The contravention came to light during an on-site inspection by the FSCA.
