FSCA fines Brite Advisors and former director R12.5m
The FSCA has fined Brite Advisors South Africa (Pty) Ltd and a former director of the group, Nigel James Green, a total of R12.5 million. The Authority said an investigation found that Brite, […]
Compliance and Legislation
FSCA overlooked FSP’s response because it landed up in a junk folder, says tribunal
The FSCA’s assumption that an FSP had not responded to one of its questions contributed to its decision to debar him. But a pack of documents the FSP sent the FSCA landed up […]
Fund cannot withhold a benefit if an employer has only instituted criminal charges
The Financial Services Tribunal (FST) has reiterated that a retirement fund cannot withhold a benefit if only a criminal case has been instituted against a member. In fact, even if the member has […]
FAIS Ombud rep levy pushes up an FSP’s total levy bill
As we reported last week, National Treasury has revised some of the levies that FSPs will have to pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill. […]
Tribunal doesn’t accept debarred rep’s attempt to walk back admission
The Financial Services Tribunal (FST) as upheld the FSCA’s decision to debar a life insurance representative who admitted that she submitted unauthorised policy applications but subsequently sought to qualify her admission. What is […]
Regulating insurance commission has failed dismally since 1977
The fallacy that insurance commission is the root of all evil has led to numerous failed attempts to regulate it. Dr Brian Benfield, a retired professor from Wits’ Department of Economics, holds nothing […]
Ambiguous wording results in dispute over funeral claims
Poorly worded policies don’t only result in disputes over multi-million-rand commercial claims. The Ombudsman for Long-term Insurance (Olti) last year dealt with a number of complaints about rejected or limited funeral benefit claims […]
A financial planner’s take on landmark Divorce Act judgment
Last week, we reported on the landmark judgment by the Pretoria High Court that declared parts of the Divorce Act unconstitutional and invalid. The ruling means that individuals married out of community of […]
Security guard who lost the use of his right arm doesn’t qualify for disability benefits
The Financial Services Tribunal (FST) has upheld a determination by the Pension Funds Adjudicator that a security guard who lost the use of his right arm following a shooting did not qualify for […]
No severance pay for employee who refused Covid vaccination
A long-term employee who was retrenched because she refused to get a Covid vaccination was not entitled to a severance package, the Commission for Conciliation, Mediation and Arbitration (CCMA) has ruled. Commissioner Piet […]
FSCA wants info on commissions paid by credit providers to motor dealers
The FSCA has given motor dealers and financial institutions operating in the vehicle asset finance (VAF) space until the end of June to complete a questionnaire about dealer introductory commissions (DIC). In a […]
Third-party cell captive conduct standard tabled in Parliament
The long-awaited conduct standard “Requirements relating to third-party cell-captive insurance business”, together with the Statement of Need and Intended Operation and the Consultation Report, was tabled in the National Assembly and the National […]
Draft Financial Sector Levies Bill dubbed ‘increased taxation by stealth’
Robert Vivian, professor of finance and insurance in the School of Business Sciences at Wits University and a member of the Free Market Foundation’s Rule of Law Board of Advisors, holds nothing back […]
Treasury proposes reducing FSP levies
National Treasury has proposed lowering some of the levies that FSPs will pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill, to reduce the impact on small […]
Court ruling has major implications for divorcing couples married out of community of property
The Pretoria High Court has asked the Constitutional Court to confirm an order that will have significant implications for how assets are redistributed when couples who are married out of community get divorced. […]
How tax residency affects your ability to receive an SA inheritance
The finalisation of a deceased estate is a time-consuming and frustrating process for South Africans. There is additional complexity and exasperation when one of the heirs is an expatriate. When you live outside […]
MPs ask Treasury for report on impact of new financial sector levies
Parliament’s Standing Committee on Finance has tasked National Treasury with producing a report on how the Financial Sector and Deposit Insurance Levies Bill will impact consumers and small entities. Read: FSPs face paying […]
