FSCA confirms withdrawal of Salt Asset Management’s licence
The Authority conducted an inspection on the company last year following allegations of its potential involvement in money-laundering activities.
Compliance and Legislation
Two pots: MPs agree with Cosatu that R25 000 cap on seeding is too low
Retirement industry bodies plead for a later implementation date, but Cosatu says 1 March next year is a ‘red line’.
RAF amendments will severely curtail the rights of road accident victims, say experts
The draft legislation allegedly restricts a road accident victim’s right of access to the courts and does away with general damages compensation.
‘T-Day’ provident fund members ‘should have to opt in to two pots’
Organisations representing the retirement industry call attention to the ‘problematic’ provisions in the draft legislation for the two-pot retirement system.
Adjudicator is studying judgment on late-payment interest on arrear contributions
There is a view that the High Court’s judgment means the in duplum rule does not apply to section 13A(7) interest.
Sars publishes important guides for taxpayers – including trusts
One of the guides applies to the Income Tax Return for Trusts.
‘Major disruptions’ ahead for vendors as Sars modernises its VAT administration framework
Vendors may have to acquire new software to be able to communicate with the Sars systems, or they may have to adjust their existing systems.
FSP debars representative for not returning a tablet
The fact that the applicant did not sell any products or receive remuneration did not nullify his status as a representative.
Tribunal hands down decision in another MyMo accounts scandal case
Standard Bank debarred a branch team leader for using her own money to activate four accounts without the customers’ consent.
US court orders SA ‘multilevel marketing scam’ to pay R32bn to victims
The order against MTI is in addition to the R65bn in penalties imposed on founder and CEO Johann Steynberg earlier this year.
A summary of Sars’s VAT modernisation discussion document
Sars has published a discussion paper on its intended modernisation of the VAT collection system, which will ultimately make VAT reporting faster and more transparent.
Tribunal sets aside Capitec’s debarment of a rep who joined a competitor bank
The jurisdictional fact required for the debarment was absent.
Retirement fund must make up for a member’s lost investment growth
The member’s benefit was transferred from the money market investment into the fund’s business account.
Fraudsters pretend to represent Cyprus’s financial regulator
The FSCA’s latest warnings about entities that are impersonating authorised FSPs and stealing their licence numbers.
CMS weighs in on Discovery’s dispute with RAF over members’ claims
The Road Accident Fund’s directive is not in line with the Medical Schemes Act, the regulator says.
Proposed change to FBE exemption ‘ignores the realities of global outsourcing’
The practical challenges associated with applying the amendment will make it difficult for SA multinationals to qualify for the tax exemption.
Insurance group goes to High Court to challenge debit order reversals
Clientèle wants the Payments Association of South Africa to change its rules so that it can contest a debit order reversal.
