Execution of wills during lockdown – Covid-19 poses problems
“Since 1 January 1954 all wills must be in writing. They can be written by hand, typed or printed. The signature of the testator/testatrix must appear at the end of the will. This […]
Compliance and Legislation
Proposed changes to premium collection – FSCA draft notices
The FSCA has published Communication 22 of 2020 (Insurance) to inform stakeholders that two draft general exemptions have been published for comment. The communication sets out the background and current approach and thinking […]
Proposed changes to premium collection – FSCA draft notices
The FSCA has published Communication 22 of 2020 (Insurance) to inform stakeholders that two draft general exemptions have been published for comment. The communication sets out the background and current approach and thinking […]
Investment policies to medical schemes – Exemption proposed for insurers
The FSCA has published Communication 17 of 2020 to inform stakeholders that a draft general exemption has been published for further comment. Due to the different meaning attributed to the term “fund” brought […]
Investment policies to medical schemes – Exemption proposed for insurers
The FSCA has published Communication 17 of 2020 to inform stakeholders that a draft general exemption has been published for further comment. Due to the different meaning attributed to the term “fund” brought […]
Compliance and Hand Over Reports – FSCA clarity on submission requirements
The FSCA has released Communication 18 of 2020 to inform stakeholders, Financial Services Providers (FSPs) and Key Individuals that, Compliance Reports and Handover Reports usually due for submission to the FSCA in terms […]
COVID-19 – Directive to financial institutions on required measures
A Directive, jointly issued by the Financial Sector Conduct Authority (FSCA) and the Prudential Authority(PA), reads: “In order to complement the respective nationwide measures being put in place to contain the spread of […]
PCC 48 – FIC provides clarity on Client Due Diligence
Public Compliance Communication 48 (PCC 48), published by the FIC recently, now provides clarity on when a nominated beneficiary will also be regarded as a client, including when Client Due Diligence (CDD) has […]
PCC 46 – Guidance on the commencement and enforcement of the FIC Amendment Act
Last week, the Financial Intelligence Centre published Public Compliance Communication 46 (PCC 46), the result of all comments considered as submitted on draft PCC 109. PCC 46 now confirms the fact that all the […]
FSRA – Amendment of notice of commencemen of Ombud Council
The commencement dates of certain provisions under the Financial Sector Regulation Act has recently amended and as a result published in a Government Gazette. Some of these include: ● Chapter 14 (sections 175 […]
Premium collection by intermediaries – Compliance deadline extended
The FSCA has just released their response to comments received on the published draft Exemptions from the STIA and LTIA Regulations. In addition, the FSCA also published the following two exemption notices which […]
Premium collection by intermediaries – Compliance deadline extended
The FSCA has just released their response to comments received on the published draft Exemptions from the STIA and LTIA Regulations. In addition, the FSCA also published the following two exemption notices which […]
Customer due diligence – FIC clarifies who is responsible for what, and when
The Financial Intelligence Centre (FIC) has just published Public Compliance Communication No 43 (PCC43). The objective of the communication is to provide accountable institutions (AI) with the FIC’s view on compliance with their customer […]
Enforcement Orders – Failure to comply proves very costly
The FSCA has an ongoing responsibility to take appropriate remedial and enforcement action where a financial institution has failed to comply with the law. A few of the latest enforcement orders issued by […]
PFA jurisdiction under the spotlight – What applies when group life cover is involved?
A recent Financial Services Tribunal case highlights the jurisdiction of the Pension Funds Adjudicator (PFA) in so far as group life insurance scheme falls under the Pension Funds Act are concerned. Case background […]
Court ruling in favour of CMS – Creates precedent for medical schemes
A court ruling has empowered consumers to force their medical aids to fund any drug or medical care a doctor considers necessary to treat any disease that falls under the “Prescribed Minimum Benefits” […]
Court ruling in favour of CMS – Creates precedent for medical schemes
A court ruling has empowered consumers to force their medical aids to fund any drug or medical care a doctor considers necessary to treat any disease that falls under the “Prescribed Minimum Benefits” […]
