Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle

The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.

Unlicensed Entity fined R50 000

KB Cash Loans from Kuruman recently featured in a settlement agreement with the Registrar of Financial Services for a contravention of the FAIS Act. For about a year, from November 2010, it advised its […]

Community Schemes Ombud Envisaged

Legalbrief reported on 4 May that an ombudsman for sectional title and community schemes will be ‘formally established’ during the current financial year – giving practical effect to the 2011 Act. Noting the ‘unexpected […]

FSB Responds to Hunter Claims

An article in Personal Finance titled Tshidi hits back over pension fund allegations, states: Financial Services Board (FSB) chief executive Dube Tshidi says the financial services industry regulator will apply to the Pretoria […]

New Financial Intelligence Centre Notices

The FIC published two new notices on 25 April: Notice 1: “The FIC is in the process of validating the applications of those registrants who have applied for access and to whom the […]

Tax Law Changes and Provident Funds

Provident fund members stand to gain a significant income boost from tax law changes – GTC Wealth Management The changes to legislation regarding provident fund cash lump sums at retirement hit the headlines […]

New Proposals affecting Compliance Officers

Two new draft Board Notices were published by the FSB last week. The first aims to provide clarity on what will be required of current Compliance Officers in terms of regulatory exams, while […]

Latest on POPI

The Protection of Personal Information Act features fairly regularly in the news, and training offers are abundant, but not yet really necessary, in our view, as the Act only takes effect one year […]

Cautionary note to CIS Managers

Board Notice 92 of 2014 was promulgated in August 2014. It prescribed disclosure requirements, and came into effect on 1 May 2015. The Registrar adopted a phase-in approach in order to allow Managers time to gain […]

FSB warnings to the public

The Financial Services Board cautioned the public against dealing with two unauthorised entities using fake FSB certificates. Millenniums Financial Services CC is not authorised in terms of the Financial Advisory and Intermediary Services […]

FIC Registration Requirements

It appears that there is still uncertainty about who is required to register with the Financial Intelligence Centre. PCC05A, which came into effect on 30 March 2016, provides additional clarity on the position of financial […]

Ministry of Finance on Offshore Accounts

A special voluntary disclosure programme (VDP) was proposed in the 2016 Budget to make it easier for non-compliant individuals and firms to disclose assets held and income earned offshore. As was noted in […]

FIA on Health Minister’s assertions

Justus van Pletzen, CEO at the Financial Intermediaries Association of Southern Africa (FIA), provided a much needed perspective on the issue of the impact of broker commission on the cost of private healthcare. […]

National Credit Act (NCA) Course

Moonstone Business School of Excellence offers the National Credit Act (NCA) Course for: Intermediaries in the Motor industry who are Finance and Insurance brokers (F&I). Industry providers of personal loans, HP agreements, credit […]

Causal event charges investigated

An article in Personal Finance titled, Whistle-blower helping FSB with research into penalties announces the contracting of an expert by the FSB to assist in monitoring adherence to prescriptions contained in Directive 153 which […]

Professional Indemnity Update

At a recent Moonstone Compliance Conference, one of our compliance officers, Bronwen Allan, did a presentation titled “PI Cover and the rise of claims”. Her view is that a compliance officer who better […]