FSCA must set a time limit on debarments, says tribunal
The FSCA cannot debar someone indefinitely – the FAIS Act requires a time limit, the Financial Services Tribunal (FST) said when it set aside this aspect of a debarment order and told the […]
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.
Booster shot is particularly effective in protecting against severe Covid outcomes, says Discovery
Vaccination is less effective at preventing contracting the Omicron variant, compared with previous variants of Covid-19, but still provides excellent protection against severe illness and death, particularly if one has a booster shot. […]
FSCA, Ravensberg reach settlement on fine for Fica contraventions
The FSCA and Ravensberg Advisory and Consulting Services have reached an agreement in terms of which 65% of the penalty the Authority imposed on the Cape Town-based tax, advisory and consulting company will […]
Discovery Bank expands banking and lifestyle benefits
Discovery Bank this week announced the launch of an account with no monthly fees and a Vitality pay-as-you-gym option as it reached one million accounts since opening to the public in 2020. The […]
Tribunal recommends investigation of pension fund, its administrator and trustees
The Financial Services Tribunal (FST) has set aside decisions by both Liberty, the pension fund administrator, and the Pension Funds Adjudicator (PFA), and recommended that the FSCA should consider taking regulatory action against […]
MPs insist on due process for Fica amendments aimed at avoiding grey-listing
Parliament’s finance committees last week decided they will not rubber-stamp National Treasury’s proposed amendments to the Financial Intelligence Centre Act (Fica) that are designed to prevent South Africa from being placed on the […]
‘Fund member should lodge a complaint against his adviser, not the Adjudicator’
The Financial Services Tribunal (FST) has upheld a decision by the Pension Funds Adjudicator to dismiss a complaint against a Discovery preservation fund, saying the applicant’s complaint was, in fact, against his financial […]
Conditions of Santam’s takeover of Indwe disclosed
The Competition Tribunal this month published the conditions it has attached to Santam’s acquisition of Indwe Broker Holdings (Pty) Ltd. In what amounts to a game of musical shares, Santam’s wholly owned subsidiary, […]
Higher tax deductions for pensioners who receive income from more than one source
Many pensioners who received their retirement income from more than one source had lower tax deductions, based on the tables applicable to the individual incomes. This often resulted in tax shortfalls at the […]
Estate planning should be a continuous process of managing your assets and liabilities
Estate planning involves structuring and managing your assets while you are alive and putting measures in place to ensure your wishes are carried out after you pass away. It also ensures that there […]
Tax implications of property transactions involving non-residents
There are no restrictions on tax non-residents acquiring and selling immovable property in South Africa. However, buyers and sellers should be aware of the tax requirements when property is sold to non-residents. In […]
FSCA publishes roadmap for phasing in Conduct of Business Returns
The FSCA has published a roadmap for the implementation of the cross-sectoral conduct of business returns (Omni-CBR), as well as the draft Omni-CBR template for public consultation. The Authority said the Omni-CBR is […]
FSCA proposes to increase FSPs’ levies by 5%
The FSCA has proposed increasing its levies by about 5% this year. Although the percentage increases for most of the variables used to calculate the total levy are higher than those contained in […]
Sasria sets 10-day deadline for unrest claims
The South African Special Risk Insurance Association (Sasria) has set a 10-day deadline for the submission of claims related to the unrest in July last year. The 10-day term, effective from June 13, […]
NHI will be implemented gradually, says Health Minister
Health Minister Dr Joe Phaahla says the government plans to implement National Health Insurance (NHI) incrementally and gradually phase out the role medical schemes play in funding private healthcare services, according to reports […]
Debarment of rep who was employed by two FSPs set aside
The Financial Services Tribunal (FST) has set aside the debarment of a representative who shared confidential proprietary information with his wife and who signed up with a competing FSP while still employed by […]
Sars is ‘aggressively’ collecting tax debt via third-party appointments
The South African Revenue Service (Sars) is “aggressively” collecting outstanding tax debt, including by withdrawing funds from bank accounts and garnisheeing salaries, according to Andre Daniels, legal manager: tax controversy and dispute resolution […]
