LRA Amendment Bill caps dismissal remedies for high-income earners
The proposed changes limit employees earning over R1.8m a year to compensation – capped at their annual salary – for unfair dismissal claims.
Compliance and Legislation
Tribunal upholds debarment for unauthorised transactions
Despite claims of verbal consent from her client, the FST found the adviser’s informal arrangements did not satisfy the requirements for written, explicit authorisation.
Authorities developing Joint Standard on cloud computing and data offshoring
The FSCA and PA publish recommended best practices, urging financial institutions to adopt a risk-based approach aligned with their size and complexity.
Health insurance benefit increases for 2025 published
The annual benefit escalations for policies that fall under the Demarcation Regulations.
Tribunal affirms Ombud’s stance on credit life cover complaint
After the High Court remitted the matter, a new Tribunal panel deemed the challenge ‘frivolous and vexatious’.
Strengthening South Africa’s sustainable finance framework
The FSCA’s Sustainable Finance Programme seeks to harmonise local markets with global ESG standards – focusing on taxonomy, disclosure, reporting and investor education to bolster climate resilience.
FAIS Ombud highlights need for follow-up when a policy changes materially
Determination says a ‘reasonable broker’ would supplement a bulk email with an email or phone call to ensure the client is aware of new conditions.
Lack of full and frank disclosure sinks FSP’s licence application
The Tribunal agrees with the FSCA that the entity’s key individual did not ‘come clean’ about her past misconduct.
FSCA can serve penalty notices electronically on foreign respondents
As a result of the declarator, the High Court ordered the Tribunal to revisit its decision regarding the R50m fine imposed on Viceroy Research.
Do fines deliver justice for victims of financial misconduct?
The FSCA’s success in collecting penalties remains uneven because of several structural and legal challenges.
FSCA gears up for tougher enforcement as scams and misconduct rise
From funeral policy breaches to crypto non-compliance and weak AML measures, the regulator’s latest report outlines its key priorities – with online harm topping the list.
FSPs’ ‘growing vigilance’ sees debarments rise by over 40%
The FSCA records a marked increase in new investigations in 2024/25, particularly those related to unregistered insurance business.
FSCA publishes 2025–2028 Regulation Plan to guide financial sector reform
A top priority is supporting National Treasury in finalising COFI and rolling out the themed frameworks.
Tribunal sets aside broker’s debarment based on contractual grievances
The FSP’s allegations that the representative violated the terms of the settlement and service agreements did constitute a material breach of the FAIS Act.
Tribunal upholds strict timing for FSP debarments
Section 14(1)(b) of the FAIS Act cannot be stretched to catch misconduct discovered after a representative’s tenure.
Prudential Authority sanctions three banks for FICA breaches
HBZ was fined an effective R7.5m, Citibank’s fine was fully suspended, and Bank of Taiwan was reprimanded.
More FAIS Ombud determinations against funeral provider
Luvuyo Burial and Consulting did not pay the claims in full even after the Ombud’s Office intervened.
