New Rules for Adjudicator emphasise efficiency, consistency, and COFI readiness
The draft Rules for the Office of the Pension Funds Adjudicator formalise existing procedures and align the OPFA with COFI and the cross-scheme framework.
Compliance and Legislation
FSCA publishes proposed levies and budget for 2026/27
The Authority seeks a 4% increase in levies to fund its operating expenditure, which will rise by 9%.
FST upholds debarment of planner who signed advice records without meeting clients
The planner said his employee performed administrative tasks and denied that the engagements constituted ‘advice’ under the FAIS Act.
FSCA seeks fresh data to guide crypto regulation
The Authority has told all crypto asset service providers to complete a comprehensive questionnaire on their business activities and risk management practices.
Legal experts flag concerns with draft POPIA regulations on health data
The proposed regulations on processing health and sex life data introduce consent and assessment requirements for, among others, insurers, medical scheme administrators, and retirement funds.
Employers must update leave policies after landmark ConCourt ruling
The Constitutional Court has struck down parts of the Basic Conditions of Employment Act and UIF Act, finding that current provisions unfairly discriminate between mothers, fathers, and adoptive and surrogate parents.
Associate arrangement justified PSG’s deviation from its debarment policy
The Tribunal says that even informal communications qualify as regulated advice if they involve financial recommendations.
FSCA opens consultation on draft OMNI-Risk Return
The Authority will host virtual workshops and tailored sessions with industry stakeholders, who have two months to comment on the draft Return.
Slow RCR submissions highlight gaps in anti-money laundering compliance
While submissions of the mandatory Risk and Compliance Return improved over the past year, 30% of institutions targeted by the FIC’s directives had not complied by March 2025
Financial intelligence reports drive R144m in crime recoveries
Requests for reports from the FIC rose by 17% in 2024/25, reflecting the FATF’s pressure on South Africa to strengthen its anti-money laundering efforts.
50% surge in employers in arrears with retirement contributions
Unpaid contributions rose to R7.29bn, and 62% of delinquent employers are in the motor and private security sectors, according to FSCA data.
What the FSCA and retirement funds are doing to tackle arrears
Commissioner Unathi Kamlana is confident that within two years, arrears could be far less of a systemic problem.
Pensions adjudicator seeks big levy increase in 2026/27
The OPFA says it needs to take on more staff to handle the significant increase in the number of complaints.
Unauthorised policies falsely attributed to a junior accredited rep
The Tribunal confirms Assupol’s decision to debar a representative after forensic evidence showed he advised on life policies while unauthorised.
Asset forfeiture and unlawful money schemes
Fraud victims have two distinct remedies: criminal-law-driven asset forfeiture via the Prevention of Organised Crime Act and civil liquidation proceedings under the Companies Act.
FSPs sanctioned for FICA failures – fines totalling R700 000
The FSCA found both firms lacked effective risk management capabilities, including deficient RMCPs, poor customer due diligence, and failures to screen against the sanctions lists.
FST upholds debarment over ‘ghost caller’ policy
The evidence accumulated by Momentum supported its finding that the agent lacked honesty and integrity.
