FAIS Ombud revises compensation order after tribunal asks her to reconsider determination
The determination did not sufficiently address an adviser’s submissions on the extent of the complainant’s losses.
Compliance and Legislation
Trusts under the magnifying glass of local and international financial watchdogs
If a trust is not valid, the trustees can be held personally liable for any taxes related to the trust activities.
FSCA launches survey of FSPs’ understanding of financial soundness
Recordings of the Authority’s recent workshops on financial soundness are available on YouTube.
Standard Bank’s debarment stands despite ‘missing’ debarment policy
Financial Services Tribunal sets out why the policy’s absence from the record is not fatal to a procedurally fair process.
FSCA publishes conduct standard on third-party cell captive insurance business
The FSCA has published a conduct standard setting out the requirements relating to third-party cell captive insurance business. Conduct Standard 2 of 2022 (INS) came into operation on 1 October and applies immediately […]
Rationale for publishing the conduct standard on cell captive insurance business
The following is an extract from the FSCA’s statement explains the need for, the expected impact of, and the intended operation of the conduct standard on third-party cell captive insurance business. Enhancements to […]
Clothing retailers, Treasury deadlocked over making all credit providers accountable institutions
As attention shifts to Parliament’s processing of the omnibus “anti-grey-listing bill”, the equally important amendments to the schedules to the Financial Intelligence Centre Act (Fica) have probably slipped from public view. However, the […]
Tribunal rules on calculation of loss after breach of mandate by broker
Informal dispute resolution mechanisms are notoriously hesitant to become involved in complaints related to fund performance. The Ombudsman for Long-term Insurance emphatically states on its website that it does not consider a complaint […]
No more supplementary declaration forms, but verification of corporate taxpayers remains
Sars will now ask for specific supporting documents targeted at addressing particular risks.
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.
