Section 13A of the Pension Funds Act (PFA) requires that employers pay contributions for a particular month within seven days after month-end. It also stipulates that they provide member schedules in respect of […]
On Thursday, Health Minister Zweli Mkhize released the much-awaited National Health Insurance (NHI) bill in Pretoria. He said that it is expected to be fully functional in South Africa by 2026. The Health […]
Background of the Tribunal The Financial Sector Regulation Act 9 of 2017 establishes the independent Financial Services Tribunal in terms of section 219 thereof. The Tribunal replaced the FSB Appeal Board and came […]
Background of the Tribunal The Financial Sector Regulation Act 9 of 2017 establishes the independent Financial Services Tribunal in terms of section 219 thereof. The Tribunal replaced the FSB Appeal Board and came […]
The FSCA has just released the FSRA Exemption Notice 1 of 2019 (LTIA). According to the notice an insurer that offers assistance policies, funeral policies or micro-insurance policies is exempted, in terms of […]
“The Office of the FAIS Ombud is committed to resolving complaints in a procedurally fair, informal, economical and expeditious manner, with reference to what is equitable in all circumstances. In this vain, the […]
“Banks should obtain permission from consumers before transferring funds from consumers’ accounts to pay amounts due under credit agreements”, Nomsa Motshegare, Chief Executive Officer of the National Credit Regulator (NCR) commented after a […]
Since representatives were given the right to appeal to the Financial Services Tribunal against debarment decisions, many such actions have been set aside by the Tribunal. In most of these cases the prescribed […]
On 1 April 2018, the debarment process under the FAIS Act was amended by the FSR Act 9 of 2017. In terms of section 14(3) of the FAIS Act, a FSP must, before […]
The Momentum/Ganas case, which caused a public outcry in November last year, was one of the matters discussed in the Long Term Ombud’s Annual report. According to Ron McLaren, Long Term Ombud, there […]
“We received 11 768 written requests for assistance, including 5 978 chargeable complaints. In total, 3 367 cases were finalised, of which 31.5% were resolved wholly or partially in favour of complainants”, Judge […]
The Conduct of Financial Institutions Bill (COFI) intends to regulate how the financial services industry treats its customers. The Bill was published by the Minister of Finance in December 2018 and was open for […]
In the past editions, we have published many articles on the outcome of various FAIS Ombud as well as Financial Services Tribunal decisions, highlighting legislation and regulatory requirements as well as many guidelines […]
LegalBrief Today reported as follows on the postponement of the establishment of an Ombud council and recognising industry Ombud schemes contained in the FSR Act: “The commencement date of Chapter 14 of the 2017 […]
In a recent Financial Tribunal case, the applicant, a sole proprietor and key individual of a brokerage, lodged an appeal for reconsideration of an FSCA decision in October 2018 to decline his application […]
In a recent Financial Tribunal case, the applicant, a sole proprietor and key individual of a brokerage, lodged an appeal for reconsideration of an FSCA decision in October 2018 to decline his application […]
The Council for Medical Schemes has recently released the proposed amendments to Regulation 31 and 32 of the Medical Schemes Act. Regulation 31 deals with the amounts payable to register a medical scheme, […]
