JSE fines former Steinhoff CFO a total of R2 million
The JSE has disqualified Steinhoff’s former chief financial officer, Ben la Grange, from acting as a company director for 10 years and fined him a total of R2 million. La Grange served as […]
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.
CMS says Health Squared didn’t stick to business plans designed to address problem areas
The Council for Medical Schemes (CMS) has published its version of the sequence of events that resulted in Health Squared’s finances deteriorating to the extent that it will apply for voluntary liquidation this […]
OECD calls for VAT hike to help fund permanent grant
South Africa should make the R350-a-month Social Relief of Distress (SRD) grant permanent, increase the rate of value-added tax from 15% to 17%, and reform the “distortive” personal income tax system, the Organisation […]
Court victory for Sars whistleblower
Two former executives of the South African Revenue Service (Sars), who were dismissed “for operational requirements” during the controversial Bain restructuring of the tax authority, have been reinstated to their previous positions. Johannesburg […]
Nedbank to pay R2m fine for unapproved merger with Erf 7
Nedbank has agreed to pay a fine of R2 million for implementing a transaction before obtaining the approval from the competition authorities, the Competition Tribunal said last week. In a statement, the authority […]
Did Sweden’s controversial Covid strategy pay off?
As much of the world shut down early in the Covid pandemic, Sweden remained open. The country’s approach was controversial, with some calling it “the Swedish experiment”. But almost two-and-a-half years after the […]
Discovery challenges RAF decision to stop paying members’ claims
Discovery Health has launched an urgent application to stop the Road Accident Fund (RAF) from rejecting valid medical claims submitted by members of medical schemes. Discovery contends that the RAF Act does not […]
FAIS Ombud answers our questions about Sharemax determinations
The FAIS Ombud, Advocate Nonku Tshombe, says it is impossible to blame the collapse of the Sharemax property syndications on the intervention of the South African Reserve Bank (Sarb) unless “pertinent questions” about […]
CMS to oppose Health Squared’s bid for voluntary liquidation
The Council for Medical Schemes (CMS) was engaged in discussions with seven schemes to consider options for members of Health Squared, which intends to apply for voluntary liquidation on 1 September. In a […]
FSCA publishes notices issued to FSPs for Fica non-compliance
Last week, the FSCA informed subscribers to its communications that it has published, on its website, the notices of administrative sanctions that it issued to 11 FSPs for non-compliance with the Financial Intelligence […]
Asisa releases report on transformation scorecards of life offices and asset managers
Life offices and asset managers represented by the Association for Savings and Investment South Africa (Asisa) have collectively made progress towards achieving the transformation targets set by the amended Financial Sector Code (FSC), […]
Discovery’s new DFM aims to capitalise on offshore investment opportunities
Discovery Group this week announced the launch of its discretionary fund manager (DFM), Cogence, which will give financial advisers access to portfolio analytics and risk analysis tools developed by the world’s largest asset […]
Overkill on the road to better regulation?
Chris Rea, the English rock and blues singer, has a different perspective on what the road to Hades comprises in his ode to the infamous ring road around London: She said, “Son, what […]
Omnibus bill to beef up SA’s anti-money laundering measures
Minister of Finance Enoch Godongwana has published an explanatory summary of a bill that will amend five Acts of Parliament as the government moves to beef up the country’s anti-money laundering and counter […]
A deeper look at the two-pot retirement system
Blessing Utete, the managing executive of Old Mutual Corporate Consultants, spoke to Mark Bechard, the managing editor of Moonstone publications, about National Treasury’s draft legislation for the two-pot retirement system. Read: Treasury publishes […]
EFF’s Shivambu rebukes Kganyago for ‘no comment’ on whether foreign currency regulations were violated
EFF MP Floyd Shivambu lambasted South African Reserve Bank (Sarb) Governor Lesetja Kganyago for not responding to a letter asking the central bank to confirm or deny whether President Cyril Ramaphosa had disclosed […]
Information Regulator publishes prescribed form for reporting data breaches
The Information Regulator (IR) has published a notification form, and accompanying guidelines, for reporting actual or potential security compromises, so that responsible parties can comply with their obligations in terms of section 22 […]
