Ombud Council publishes new FAIS Ombud Rules for comment
The Rules increase the limit on the compensation the Ombud can award complainants and provide for changes to the Office’s jurisdiction and procedures.
Compliance and Legislation
Former bank employee’s ‘good intentions’ not enough to avoid debarment
The Financial Services Tribunal hears another case involving a representative who ‘completed’ proof of address letter on clients’ behalf.
Tribunal’s decision in Brite case highlights important principles, says FSCA
No way to ‘cure’ soliciting investments in unapproved foreign schemes.
Deadlines to complete new Trustee Training Toolkit’s first 11 modules
The FSCA plans to release the remaining modules in March 2024.
The FAIS Ombud has some good news for FSPs
The FSCA and the FAIS Ombud have announced their proposed levy and fee increases for 2024/25.
Book now for Moonstone’s FICA compliance webinar in October
The free webinar will equip you to follow a risk-based approach to compliance, as required by the Financial Intelligence Centre.
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.
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.
