FSCA must set a time limit on debarments, says tribunal
The FSCA cannot debar someone indefinitely – the FAIS Act requires a time limit, the Financial Services Tribunal (FST) said when it set aside this aspect of a debarment order and told the […]
Compliance and Legislation
FSCA, Ravensberg reach settlement on fine for Fica contraventions
The FSCA and Ravensberg Advisory and Consulting Services have reached an agreement in terms of which 65% of the penalty the Authority imposed on the Cape Town-based tax, advisory and consulting company will […]
Tribunal recommends investigation of pension fund, its administrator and trustees
The Financial Services Tribunal (FST) has set aside decisions by both Liberty, the pension fund administrator, and the Pension Funds Adjudicator (PFA), and recommended that the FSCA should consider taking regulatory action against […]
MPs insist on due process for Fica amendments aimed at avoiding grey-listing
Parliament’s finance committees last week decided they will not rubber-stamp National Treasury’s proposed amendments to the Financial Intelligence Centre Act (Fica) that are designed to prevent South Africa from being placed on the […]
‘Fund member should lodge a complaint against his adviser, not the Adjudicator’
The Financial Services Tribunal (FST) has upheld a decision by the Pension Funds Adjudicator to dismiss a complaint against a Discovery preservation fund, saying the applicant’s complaint was, in fact, against his financial […]
Higher tax deductions for pensioners who receive income from more than one source
Many pensioners who received their retirement income from more than one source had lower tax deductions, based on the tables applicable to the individual incomes. This often resulted in tax shortfalls at the […]
Tax implications of property transactions involving non-residents
There are no restrictions on tax non-residents acquiring and selling immovable property in South Africa. However, buyers and sellers should be aware of the tax requirements when property is sold to non-residents. In […]
FSCA publishes roadmap for phasing in Conduct of Business Returns
The FSCA has published a roadmap for the implementation of the cross-sectoral conduct of business returns (Omni-CBR), as well as the draft Omni-CBR template for public consultation. The Authority said the Omni-CBR is […]
FSCA proposes to increase FSPs’ levies by 5%
The FSCA has proposed increasing its levies by about 5% this year. Although the percentage increases for most of the variables used to calculate the total levy are higher than those contained in […]
Debarment of rep who was employed by two FSPs set aside
The Financial Services Tribunal (FST) has set aside the debarment of a representative who shared confidential proprietary information with his wife and who signed up with a competing FSP while still employed by […]
Sars is ‘aggressively’ collecting tax debt via third-party appointments
The South African Revenue Service (Sars) is “aggressively” collecting outstanding tax debt, including by withdrawing funds from bank accounts and garnisheeing salaries, according to Andre Daniels, legal manager: tax controversy and dispute resolution […]
FSCA appoints statutory manager for N-e-FG Administrators
The FSCA has appointed a statutory manager for N-e-FG Administrators (Pty) Ltd, saying it is concerned about N-e-FG’s failure to manage the funds it administers responsibly. It is also investigating N-e-FG’s conduct relating […]
FSCA fines Poneso Consulting and Poneso Employee Benefits
The FSCA announced this week that it has imposed a fine of R200 000 on Poneso Employee Benefits and Actuarial Consultants (Pty) Ltd and Poneso Consulting (Pty) Ltd for contravening a provision of the […]
High Court judgment ‘is a caution to insureds who seek to obstruct an insurer’s access to information’
In what is a rare win for an insurer in recent times, the Gauteng High Court’s judgment in Musa v King Price Insurance Co on 9 May highlights the importance of insureds abiding […]
Tribunal upholds debarment for providing unauthorised advice on Ecsponent preference shares
The Financial Services Tribunal (FST) has upheld Discovery Life’s decision to debar a financial adviser who advised clients to invest in Ecsponent preference shares although he was not authorised or licensed to advise […]
Reduction in CPD requirements: FSCA explains why KIs and reps are treated differently
The FSCA has confirmed that the provision for a pro rata reduction in CPD hours as a result of parental leave, or because of illness or disability, applies only to an FSP’s representatives, […]
FSCA investigating trading platform Regenesis Markets
The FSCA says it is investigating contracts for difference provider Regenesis Markets (Pty) Ltd following complaints from clients that they have not received their funds after submitting withdrawal requests. Regenesis Markets, which is […]
