Trust tax filings jump as penalties start to roll out
Trustees face growing pressure to file outstanding returns or formally deregister dormant trusts before penalties escalate.
Compliance and Legislation
Tribunal clarifies test for qualification exemptions
The ruling explains why exemption applications require objective statutory grounds rather than pleas for indulgence.
Funeral insurance Bill moves to Parliament, but questions persist
The proposed reforms could require significant operational changes for insurers, but industry experts believe they address only part of the problem.
Tribunal draws line between enforcement powers and personal redress
The decision highlights the distinction between punishing misconduct and compensating consumers who claim to have suffered losses.
Treasury proposes higher levies for 2026/27
Most FSCA levies will rise by 3.2%, but retirement funds face a 15% increase in the OPFA levy, and charges are introduced for some entities.
RCR compliance falls short as June deadline looms
The FIC says fewer than 12% of accountable institutions facing the first filing deadline had submitted their returns by the middle of this month.
FIC finalises guidance on how to complete the 2026 RCR
PCC 60 largely preserves the draft framework but clarifies how newly registered firms must report and confirms that third parties may not submit returns.
FICA cross-border cash provisions take effect on 1 July
A proclamation brings into operation a set of dormant provisions that link cross-border cash reporting to criminal penalties and forfeiture powers.
FIC consults on targeted additions to Guidance Note 7A framework
The consultation focuses on four insertions dealing with proliferation financing, client risk categorisation, and the operation of systems and controls.
Tribunal sets aside Sanlam debarment over procedural defects
The FSP could not prove key elements of the process, including proper notice of the proceedings, and the conduct of the hearing.
Latest FATF review puts South Africa under a harsher spotlight
Treasury says the country already has most of the rules it needs; the challenge now is proving that institutions are using them effectively.
MPs query whether tougher AML laws are solving the problem
Treasury adviser Ismail Momoniat warns that police corruption and unfinished financial-crime cases could weigh on SA’s FATF assessment.
Crypto payment-type activity may fall under FAIS, say regulators
Crypto assets fall outside the NPS Act, but intermediary-led payment-type activity involving crypto may still trigger a licensing requirement.
SCA upholds Adjudicator’s reading of ‘12 months’ in section 37C
The retirement fund was not entitled to pay the benefit into the estate because it only learned of the member’s death more than a year later.
High Court clarifies when the clock starts ticking on consumer complaints
In certain CPA disputes, the three-year period for pursuing a complaint begins when a supplier refuses to provide a remedy, not necessarily when the underlying service was performed.
Two-pot withdrawal allowed: fund’s arrears rule doesn’t apply to member
The deputy adjudicator finds the ‘freeze’ clause the fund relied on is tied to its DB rules and can’t be used to block a DC member’s savings withdrawal.
SCA settles conflicting views on jurisdiction for ‘shortfall’ claims
The SCA rules that section 127(8) of the NCA empowers Magistrates’ Courts to hear these claims, but it does not bar High Court proceedings.
