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.
The FSCA is proposing to increase the FAIS Ombud’s compensation limit from R800 000 to R3.5 million. In a communication published this week, the FSCA said the proposal is the result of a recommendation […]
Pending regulations flowing from the Retail Distribution Review (RDR) will not be processed in their current form but will be incorporated into new regulations that will developed under the Conduct of Financial Institutions […]
The FSCA has provided an update on how it is progressing with a number of regulatory frameworks that will apply across the financial services sector, including to FSPs. The details are contained in […]
A decision by the Financial Services Tribunal (FST) last month should clear up any potential confusion over whether a reconsideration application can be brought by a representative who is still embroiled in litigation […]
Retirement funds will be able to invest up to 45% of their assets in infrastructure from 3 January next year, when the amendments to regulation 28 of the Pension Funds Act take effect. […]
In another recent mandatory vaccination award involving Baroque Medical (Pty) Ltd, the Commission for Conciliation, Mediation and Arbitration (CCMA) has found against the employer in an unfair dismissal dispute relating to an employee’s […]
The FSCA’s “Regulation Plan: 1 April 2022 to 31 March 2025”, which was released last week, highlighted certain high-priority areas that it aims to address in this period. Mark Bechard of Moonstone reports […]
The High Court in Johannesburg recently ordered the South African Special Risk Insurance Association (Sasria) to settle a claim by a company that lost its equipment when a colliery was flooded during labour […]
A sign outside a microlender’s premises advertising “instant loans” and an employee’s verbal information that interest of 30% a month was charged on short-term loans were reasonable suspicion for the National Credit Regulator […]
Members of the Association for Savings and Investment South Africa (Asisa) united policyholders, beneficiaries, investors and heirs with unclaimed assets worth R22.7 billion in 2021, Asisa said in a statement. The assets were […]
Bestmed, Fedhealth and Medshield have had the highest average annual contribution increases among the top open medical schemes over the past 15 years, according to Alexander Forbes Health’s 2021/22 Medical Aid Insights. Read: […]
The Information Regulator says it is concerned that consumers continue to be bombarded with unsolicited direct marketing messages that do not comply with the Protection of Personal Information Act (Popia), and it will […]
The 2022 tax season is around the corner, and it will be one of the shortest to date. The period to submit tax returns will be open from 1 July to 24 October […]
A wealthy Durban businessman has failed in his bid to “hide” more than R5.5 million from his wife. He had hastily established a trust and repaid his father an old debt. The Supreme […]
The membership of South African medical schemes was resilient during the Covid-19 pandemic despite rising unemployment and the slowdown in economic growth, according to the latest Alexforbes Sustainability Index. Membership of the analysed […]
The risk landscape in which FSPs are operating is becoming more complex and difficult, and advisory intermediaries should take steps to protect themselves by entering into service contracts that will limit their liability, […]
The Council for Medical Schemes (CMS) is proposing to introduce new guidelines on the appointment of brokers by employers on behalf of employees. In a circular published this week, the CMS said it […]
