Will your business be an accountable institution from 19 December?
Stringent compliance obligations await if it is, but there’ll be a transitional period for new sectors.
Compliance and Legislation
FIC proposes annual risk and compliance return for some accountable institutions
It will apply to estate agents, attorneys and trust practitioners, among others.
Ombud’s facts and findings don’t add up, says tribunal in setting aside property syndication determination
Referring clients to another broker does not constitute advice for the purposes of the FAIS Act.
Bad-debt relief for tax purposes is possible without legal proceedings
The two core components that must be met to claim a bad-debt write-off from Sars
How the FSCA decides on the size of an administrative penalty
And how the Financial Services Tribunal assesses whether the fine was appropriate.
Conduct standard on reporting obligations relating to retirement fund contributions due to take effect in February
It explicitly places an onus on retirement funds to alert employers of their obligations under the Pension Funds Act.
FIC sets out how Schedule 1 applies to property practitioners
Anyone registered as an estate agent before February 2022 will remain an accountable institution.
FAIS Ombud’s report identifies FSP ‘problem areas’
These include delays with funeral policy claims, advice to clients who buy living annuities, and insurance policy disclosures.
Trustco takes the JSE to the tribunal for a second time
Meanwhile, the High Court dismisses Trustco’s bid to have the FST’s November 2021 decision reviewed and set aside.
Omnibus anti-money laundering bill almost there
Opposition parties criticise rushed process and impact on NGOs.
FSCA workshops on irregularity reports and funeral parlour FSPs
Attendance is limited to the first 1 300 people who register.
Pension Funds Adjudicator’s creation of a new complaint unfair to the applicant
The Adjudicator also failed to apply the Pension Fund’s Act prescription provision correctly, tribunal says.
Directors of Insure Group Managers take their debarments to the FST
Tribunal considers whether the insurers in some way gave their consent to IGM investing the premiums in illiquid assets.
Court must rule on couple’s time of death to ensure correct beneficiary payment
High Court weighs witnesses’ testimony to decide whether a husband did, in fact, predecease his wife and beneficiary.
DA wants to change the Constitution to create a Cyber Commissioner
It says an entity tasked with safeguarding fundamental rights should be directly accountable to Parliament, not the executive.
Tribunal rules on Viceroy’s application against R50m penalty for Capitec report
Can the FSCA fine persons not domiciled within the jurisdiction of South Africa’s courts?
Tax change may increase the real cost of debt for credit providers
Companies that incur finance charges should also take note of a recent court case regarding the tax treatment of related or similar finance charges.
