A handy guide to the payment of retirement fund contributions for trustees
What you should know about reporting, calculating penalty interest, the in duplum rule, and the employer’s liability.
Compliance and Legislation
Update: Fica webinar for new accountable institutions is now fully booked
We are giving away two-and-a-half hours of Fica compliance expertise on 7 June.
What the ConCourt’s decision means for the confidentiality of your tax records
There is still a high threshold to meet before access to an individual’s tax records will be granted.
End of compulsory audit firm rotation rule ‘poses minimal threat in the short term’
Irba says it will work with Parliament to address the technical legal issue raised by the Supreme Court of Appeal’s judgment.
Tribunal rules on whether traditional insurers can underwrite first-party risks
Prudential Authority rejects application by Pepkor subsidiary Abacus to underwrite the risks of its parent company in addition to third-party risks.
When does an ‘employee’ become a ‘representative’ who can be debarred?
Material discrepancies about a newly appointed financial planner’s employment history came to light while she was being on-boarded.
Accountable institutions: deadlines to submit risk and return compliance returns imminent
The Financial Intelligence Centre reminds accountable institutions listed under Schedule 1 of the Financial Intelligence Centre Act of the looming deadlines to submit their respective risk and compliance return questionnaires by the end of May and July 2023.
Window period for crypto asset FSPs to apply for a licence opens on 1 June
The FSCA wants to know whether applicants are compliant with the Financial Intelligence Centre Act.
Section 14(1) ‘knowledge test’ under the spotlight in two debarment matters
In one case, the FSP was still investigating the alleged fraud when it decided to bar the representative.
Trustees of non-PFA fund not bound by a member’s nomination form
A reviewing body will have grounds to intervene only if a fund fails to take into account relevant considerations and ignores irrelevant considerations.
Deadline for report on PAIA requests is 30 June
This is the first time the Information Regulator has asked private bodies to submit this type of report.
Single Financial Ombudsman scheme set to go live in 2024
The amalgamated scheme will later include the FAIS Ombud and the JSE Ombud.
WhatsApp fraudsters are stealing and abusing legitimate FSPs’ branding
FSCA issues a spate of warnings about scammers impersonating authorised FSPs and offering unrealistic returns.
Director’s 10-year debarment excessive, tribunal finds
His FSPs were fined a total of R250 000 for selling two products before they were licensed.
Bargaining councils can’t intrude on retirement funds’ statutory protections
Collective agreements dealing with retirement funds must be concluded with reference not only to employment laws but also the Pension Funds Act.
Bid to join auditor, compliance officer in Insure Group claim fails
High Court rejects arguments that they owed the insurers a statutory duty.
Treasury gives the FIC a R265m boost to fight financial crime
The Centre has launched a new forensic unit to assist law enforcement combat complex money-laundering cases.
