FSP ‘failed to act’ against reps implicated in hundreds of policy fraud cases
Mbalane Financial Services tells the Tribunal it was entitled to wait for a final forensic report from Old Mutual.
Compliance and Legislation
Tribunal and PA failed to address ‘whistleblower’s’ applications properly
Judge says the FST did not follow a fair procedure when it summarily dismissed the reconsideration application.
Failure to meet Fica provisions costs FSP R400 000
The Appeal Board’s decision underscores the crucial role of risk management and compliance in the financial sector’s battle against money laundering and terrorism financing.
FIC issues ‘final demand’ to accountable institutions to comply with Directive 6
The applicable designated non-financial businesses and professions that do not submit a risk and compliance return face administrative sanctions.
Forex trader seeks to have R20m fine and 20-year debarment reconsidered
Craig Massyn submits the penalties imposed on him were disproportionately large compared to those imposed on the other directors of the Praesidium Group.
FIC issues guidance for trust and company service providers
Persons who are trustees in their personal capacity only are not accountable institutions.
Harsher consequences for not filing cross-border EFT reports with FIC
Two sections of the Financial Intelligence Centre Amendment Act have come into effect.
TCSP guidance welcome, but grey areas remain, says FISA
It may not always be clear when someone has crossed the line into carrying on the business of creating a trust arrangement for a client.
New Trustee Training Toolkit will come online in September
A trustee must attain TKK certification within six months from the date of appointment or election to the board.
Public hearings on two-pot retirement system in September
The National Assembly’s Standing Committee on Finance has announced the deadline for submissions on various pieces of draft tax legislation.
Potential threat to South Africans who earn an income from foreign employers
A proposed amendment to the Income Tax Act will require foreign employers to withhold employees’ taxes.
Adjudicator did not allow retirement fund to respond fully to a complaint
SCA also finds that the High Court should not have granted punitive cost orders against the fund.
PA publishes draft guidance notes for banks and insurers on climate-related risks, disclosures
Banks and insurers are expected to treat climate risk as a financial risk rather than merely a reputational risk event.
Constitutional Court dismisses Sharemax adviser’s appeal
The High Court was asked to rule on whether the clients’ financial loss was caused by breach of agreement or the Reserve Bank’s intervention.
Tribunal rules on Brite’s application to reconsider R10m fine and licence withdrawal
Did the FSCA’s regulatory reach extended to UK pension funds and structures, held offshore, and permitted and regulated by UK and European Union law?
Before you invest … tell-tale signs that a stokvel is not the real deal
Unscrupulous operators are taking advantage of the ‘light touch’ regulation of the stokvel sector. Here’s what you should know about the laws and bodies that govern stokvels.
FSCA to issue a new interpretation ruling on section 37C
Interpretation Ruling 1 of 2020 incorrectly brought an unclaimed benefit within the ambit of section 37C of the Pension Funds Act.
