The Gauteng High Court has dismissed, with costs, an application by Fusion Guarantees and its directors to declare sections 154, 167 and 231 of the Financial Sector Regulation Act (FSRA) unconstitutional and invalid. […]
The provisions of the Prescription Act have resulted in the dismissal of a R2 million claim against Sanlam Private Wealth (SPW). This was despite the High Court finding that even if the money […]
The FSCA forecasts it will have a total income of R949 million in the 2022/23 financial year, while its operating expenditure will be R967m, leaving it with a shortfall of R18m. This emerged […]
The Taxation Laws Amendment Act (TLAA) of 2021, which, among things, gives retirement fund members greater flexibility in terms of the type of annuities they can purchase, was promulgated on 19 January. The […]
The FSCA has extended for 12 months, to 31 January 2023, the exemption that allows independent intermediaries to receive compensation, over and above commission, for performing activities that support the direct collection of […]
An investor who lost R346 000 while trading on Oinvest has failed in his attempt to have the Financial Services Tribunal order the FSCA to reimburse his loss. He said the FSCA was liable, […]
The CCMA has ruled that the suspension of an employee who refused to be vaccinated was not an unfair labour practice in terms of the Labour Relations Act. The is the second arbitration […]
The CCMA’s decision that the dismissal of an employee who refused to be vaccinated against Covid-19 was substantially fair has generated a considerable amount of interest (see our report). Constitutional law expert Professor […]
The Commission for Conciliation, Mediation and Arbitration (CCMA) decided this month that the dismissal of an employee who refused to be vaccinated was substantively fair. Daniel van der Merwe, the Eastern Cape manager […]
FSPs will pay significantly higher levies if the Financial Sector and Deposit Insurance Levies Bill is passed into law in its current form. The Minister of Finance introduced the bill and the Financial […]
Lawyers have drawn attention to a case heard by the Labour Court last year in which the applicant wanted the court to compel his former employer to change the reason his contract was […]
The FSCA is now giving licensed financial institutions, including FSPs, until 31 January to verify or update their profile information on the FSCA’s e-portals. The authority issued the request for information in October […]
The SA Post Office (Sapo) adopted an “opportunistic” and “cynical” approach when, while claiming to be concerned about the rights of social grant beneficiaries and its customers, it infringed the rights of its […]
The Constitutional Court has given Parliament 18 months to amend the Intestate Succession Act and the Maintenance of Surviving Spouses Act so that both laws provide for permanent life partners. In a judgment […]
The FSCA and the Prudential Authority (PA) have published, for comment, the draft Joint Standard: Cybersecurity and Cyber Resilience Requirements, which sets out the minimum standards for sound practices and processes of cybersecurity […]
The FSCA says it will engage with the financial services industry in the first quarter of this year on the implementation of its cross-sectoral Conduct of Business Return (Omni-CBR). The Omni-CBR is intended […]
The FSCA has once again extended – this time until 31 December 2023 – the exemption on compliance officers’ prescribed visits to FSPs’ business premises. The exemption was granted in 2017 to the […]
