R300m a year: the price tag of administering the two-pot system
The FSCA is evaluating whether administration fees are reasonable. If it believes they are not, it will explore whether it is necessary to cap or regulate fees.
Industry News
Repeat offender hit with R1m fine and 15-year debarment
Mareo Nel resumed unauthorised forex trading despite signing an enforceable undertaking in 2021.
DBE pushes ahead with matric results publication amid privacy debate
Despite an enforcement notice from the Information Regulator, the Department of Basic Education says it will publish the 2024 matric results in newspapers.
Video Interview: Should the two-pot system result in new investment strategies?
Old Mutual’s Andrew Davison highlights why the two-pot system could lead to better retirement outcomes – and what trustees and advisers need to consider to make it happen.
State takes action against ex-SAA audit chair for irregular tender
Yakhe Kwinana has appeared in court charged with fraud for failing to disclose conflicts of interest in an SAA auditing tender.
FSCA flags unauthorised investment schemes and funeral policies
An entity must be authorised by the FSCA and the Prudential Authority to issue insurance policies in South Africa.
Trump’s economics: consumer confidence is the golden thread
During his first term, Donald Trump’s policies spurred a confidence-fuelled boom in US markets. With proposals for deeper tax cuts and renewed trade barriers, he’s aiming for a repeat performance.
Arrears in local government sector reach alarming levels
58% of South Africa’s municipalities – 149 out of 257 – are behind on their retirement fund contributions, highlighting a growing issue in local government finances.
Data reveals trends in members’ two-pot withdrawals
FSCA plans to issue guidance on what it considers to be a fair and transparent approach to transaction fees.
Financial abuse: the hidden weapon of gender-based violence
During the 16 Days of Activism, financial adviser Jessica Pillay urges women to identify economic abuse and gives advice on how to reclaim their independence.
Unpaid contributions: FSCA prepares to hold non-compliant employers accountable
With over R5.2 billion in unpaid retirement fund contributions and municipalities among the worst offenders, the FSCA is poised to gain expanded powers under the COFI Bill.
Court ruling highlights discovery dispute in R16-million insurance claim
The High Court has dismissed challenges by a policyholder accused of defrauding Discovery Life of more than R16m in disability and income protection claims.
Sanlam partners with Ninety One in R400 billion asset deal
Ninety One will acquire Sanlam Investment Management and oversee investment management for Sanlam Investments UK.
R35bn withdrawn as SARS reports unprecedented two-pot system activity
Some 20% of applications for tax directives were rejected.
Betrayal and greed: two chilling cases of insurance fraud-related murder
In one case, a woman orchestrated the killing of her cousin’s partner, and in the other, a couple lured and murdered a man, using his death to stage a life insurance scam.
Restraint of trade binding on a consultant, High Court finds
The classification of a person as a consultant is not determinative in deciding whether a restraint of trade applies.
CIS industry sees R42.3bn in net inflows as investor confidence rebounds
Assets under management grew to a R3.8 trillion, up 13.7% year-on-year, supported by strong equity market performance.
