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.
Compliance and Legislation
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 […]
Judgments in favour of Multisure remain suspended pending KGA’s appeal
Multisure Corporation’s attempt bring into operation the High Court order cancelling its intermediary agreement with KGA Life has failed, despite a successful High Court ruling last month, because KGA has been granted leave […]
FSCA sets out requirements for an FSP to be considered financially sound
The FSCA this week published a media release providing a short summary of the content covered in its financial soundness workshop for FSPs that collect premiums or hold assets. The online workshop was […]
Godongwana appoints new acting FAIS Ombud
Minister of Finance Enoch Godongwana has appointed Thobile Masina as the new acting FAIS Ombud. Masina was the assistant ombud since October 2017. She replaces Advocate Nonku Tshombe, who acted in the position […]
‘When free money is in the air, truth evaporates’
A decision by a pension fund was referred to the Pension Funds Adjudicator’s office, and subsequently to the Financial Services Tribunal by the disgruntled siblings of the deceased. Background After the death of […]
More clarity required for an efficient voluntary disclosure programme
The South African Revenue Service (Sars) collected an additional R3 billion through its voluntary disclosure programme (VDP) and prevented tax leakage of another R865 million during the 2021 tax year. However, the latest […]
‘Honesty and integrity’ requirement now applies to the significant owners of FSPs
The publication of the final amendments to Joint Standard 1 of 2020 by the FSCA means that the significant owners of FSPs must now comply with the honesty and integrity requirement from which […]
Webinar on the new code on workplace harassment and how to get debarments right
The recently published code that aims to eliminate all forms of workplace harassment will come under the spotlight in the first webinar to be hosted by Moonstone Compliance’s new Employment Law Service. The […]
JSE gets the green light to list actively managed ETFs
The FSCA has approved amendments to the JSE’s Listings Requirements to enable the listing of actively managed exchange-traded funds (ETFs). The approval was published in the Government Gazette on 9 September, and the […]
FSCA extends professional indemnity and fidelity insurance exemptions
The FSCA last week published two notices relating to the guarantee, professional indemnity (PI) and fidelity insurance (FI) exemptions granted to certain types of FSPs. The FSCA has once again extended, to 31 […]
