FAIS Ombud revises compensation order after tribunal asks her to reconsider determination
The determination did not sufficiently address an adviser’s submissions on the extent of the complainant’s losses.
FSCA slaps Banxso and directors with record R2bn fine
The Authority says the penalties reflect the financial benefit gained from unlawful conduct and the harm to clients – handing 30-year debarments to several Banxso executives.
Trusts under the magnifying glass of local and international financial watchdogs
If a trust is not valid, the trustees can be held personally liable for any taxes related to the trust activities.
FSCA launches survey of FSPs’ understanding of financial soundness
Recordings of the Authority’s recent workshops on financial soundness are available on YouTube.
Standard Bank’s debarment stands despite ‘missing’ debarment policy
Financial Services Tribunal sets out why the policy’s absence from the record is not fatal to a procedurally fair process.
Update from Health Squared’s provisional curator
Members who migrated to other medical schemes can only ask for waiting periods to be waived.
Judge Bernard Ngoepe ends his nine-year tenure as Tax Ombud
CEO Thabo Legwaila named as the acting ombud for three months.
Labour unions weigh in on government’s social grant proposals
SA Federation of Trade Unions says a basic income grant of R1 500 a month should be introduced progressively.
Basic income grant: more money in poor people’s pockets but at a heavy cost
Analyses of the implications of extending income support measures in South Africa, including a basic income grant (BIG), have focused on one of three things: how much it will cost, calculations about how […]
FSCA publishes conduct standard on third-party cell captive insurance business
The FSCA has published a conduct standard setting out the requirements relating to third-party cell captive insurance business. Conduct Standard 2 of 2022 (INS) came into operation on 1 October and applies immediately […]
Rationale for publishing the conduct standard on cell captive insurance business
The following is an extract from the FSCA’s statement explains the need for, the expected impact of, and the intended operation of the conduct standard on third-party cell captive insurance business. Enhancements to […]
High Court judgment is not the end of the dispute over 3Sixty Life’s curatorship
3Sixty Life has registered its intention to appeal against the High Court’s decision to place the underwriter under final curatorship. The High Court also cancelled the appointment of Yashoda Ram as 3Sixty Life’s […]
Why SCA rejected Zurich Insurance’s prescription defence in case over claim for damage to Gautrain tunnels
The Supreme Court of Appeal (SCA) has upheld the Gauteng provincial government’s claim against Zurich Insurance for the cost of repairing damage caused during the construction of tunnels for the Gautrain. The High […]
Clothing retailers, Treasury deadlocked over making all credit providers accountable institutions
As attention shifts to Parliament’s processing of the omnibus “anti-grey-listing bill”, the equally important amendments to the schedules to the Financial Intelligence Centre Act (Fica) have probably slipped from public view. However, the […]
Why Capitec applied for its own life insurance licence
The Prudential Authority (PA) has granted Capitec a licence to conduct life insurance business in South Africa, Capitec announced this week. A subsidiary of Capitec Bank Holdings, Capitec Ins. Pty Ltd, has been […]
Tribunal rules on calculation of loss after breach of mandate by broker
Informal dispute resolution mechanisms are notoriously hesitant to become involved in complaints related to fund performance. The Ombudsman for Long-term Insurance emphatically states on its website that it does not consider a complaint […]
Research reveals black consumers’ attitudes towards investing and financial advice
Inflation-beating returns is the primary objective, with socially responsible investing a low priority.
Grey-listing is unavoidable, says head of Financial Intelligence Centre
The country has failed to deal with corruption and state capture, Xolisile Khanyile tells newspaper.
