No more supplementary declaration forms, but verification of corporate taxpayers remains
Sars will now ask for specific supporting documents targeted at addressing particular risks.
Compliance and Legislation
Old Mutual responds to Treasury’s latest proposed revisions to the two-pot retirement system
More clarify is required on certain aspects, including the implications for provident fund members over 55 and the proposed retrenchment benefit.
Tribunal upholds FSCA’s decision to withdraw asset manager’s licence
It is clear that the FSCA does not lightly withdraw an asset manager’s licence in view of the possible consequences for investors, yet there comes a time when there appears to be no […]
Akani challenges FSCA’s R2.6 million fine for late reports
The Financial Services Tribunal (FST) has told the FSCA to reconsider the penalty of R4 000 a day it imposed on Akani Retirement Fund Administrators in 2020 for not submitting reports timeously. The total […]
Deadline for submissions on omnibus anti-money laundering bill
The National Assembly’s Standing Committee on Finance has announced the deadline for written submissions on the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, which amends five pieces of legislation. Read: […]
Debarred representative a no-show at tribunal hearing
A representative who failed to attend his debarment hearing was also a no-show when his reconsideration application was heard by the Financial Services Tribunal (FST). The representative’s ground for reconsideration was that he […]
Thinking of flying solo? Considerations for employers and representatives
On Monday, we published an article about a case where the “breakaway kids” used the FSP’s client data to feather their potential future nest. Read: Representatives used FSP’s client info to obtain quotes […]
Representatives used FSP’s client info to obtain quotes for a competitor
Financial Services Tribunal upholds their debarment, saying ‘filching’ client information is not only a contractual issue.
Regulators encourage ESG investments in the financial services industry
The FSCA is taking a number of steps to encourage retirement funds to invest in green and other ESG investments.
ESG disclosure framework in the pipeline for financial services companies
The SA Reserve Bank will shortly issue a draft sketching an ESG disclosure framework for the financial services organisations that it supervises.
Bid to challenge the liquidation of transport provident fund fails
Whistleblower asserts that members’ money was stolen, although a forensic investigation found no evidence of this.
Fund was right, Adjudicator was wrong, in death benefit allocation decision, High Court finds
Adjudicator said the fund was ‘wrong’ to rely on the fact that the sons were not financial dependants.
FSCA proposes a central fund to tackle R88bn in unclaimed assets
The FSCA has proposed establishing a single central unclaimed assets fund into which all unclaimed assets should be transferred. This is one of 13 recommendations in its discussion paper on unclaimed assets, which […]
Financial institutions may hold far more than R88bn in unclaimed assets
An estimated R88.56 billion in unclaimed assets are held by institutions across the financial sector. However, the FSCA says the amount might be far higher because there is no common understanding of what […]
Treasury agrees to three of Cosatu’s responses to the proposed two-pot system
National Treasury has “loosened the lids” on the pots in the two-pot retirement system, agreeing to amend the draft legislation so that fund members will be able to access the savings they accumulated […]
New deadline for two-pot retirement system is still a big ask, says Asisa
The Association for Savings and Investment South Africa (Asisa) has welcomed National Treasury’s decision to move out, by a year, the date for implementing the two-pot retirement system but still believes the new […]
Other concessions by Treasury on potentially ambiguous two-pot provisions
National Treasury has proposed amending the draft two-pot retirement legislation to clear up a number of grey areas identified by stakeholders. The proposed changes were announced on Tuesday, when Treasury addressed the National […]
