The Prudential Authority has withdrawn its liquidation bid after progress on depositor repayments, but Ithala is still unlicensed and cannot resume deposit-taking.
The Financial Services Tribunal (FST) has decided that a retirement fund was correct in refusing to deduct a judgment debt from the withdrawal benefit of a former employee whose negligent or reckless driving […]
Old Mutual Insure on Monday announced that it has signed a share purchase agreement to acquire 100% of niche short-term insurer Genric for an undisclosed amount. Genric partners with and has equity interests […]
In District Six, the musical, one of the songs asks: The law, the law, the law. What for? The answer comes from Kris Kristofersson: The law is for protection of the people. After […]
South Africans are increasingly mobile, either working abroad, staying abroad for extended periods, or opting to retire outside of South Africa. This has increased the focus on foreign pension products because South African […]
Bidvest Life recorded the highest number of claims in its 27-year history last year, with claim volumes increasing by 44% compared to 2020. The spike was largely driven by an increase in Covid-19 […]
Policyholders of Constantia Insurance Company Limited (CICL) who have outstanding claims will have to join the queue of creditors if the application to have the insurer liquidated is granted. Last week, the provisional […]
The United States Attorney’s Office in New York has charged the co-founder and chief investment officer of a UK-based hedge fund with manipulating the US dollar/rand exchange rate to trigger a $20 million […]
The Information Regulator (IR) says its online portals for the registration of information officers and the submission of Promotion of Access to Information Act (PAIA) reports have gone live. Information officers who are […]
Life insurers will have to incorporate beneficiaries as a risk factor when determining a client’s overall money laundering and terrorist financing (ML/TF) risk, according to a proposed directive published for comment by the […]
The Financial Intelligence Centre (FIC) has published a document to guide designated non-financial businesses and professions (DNFBPs) in developing and implementing their risk management and compliance programmes (RMCPs). Public Compliance Communication (PCC) 53 […]
The Tax Administration Act (TAA) permits the warrantless search and seizure of a taxpayer’s property by the South African Revenue Service (Sars). However, this has been under scrutiny for many years because of […]
FSPs will pay 5% more in levies in the 2022/23 levy year than they did in 2021/22, as the FSCA has rejected calls from some stakeholders to implement a lower increase. Our columnist, […]
The bid by the Council for Medical Schemes (CMS) to strike a deal with seven open medical schemes, plus the Government Employees Medical Scheme, to on-board members of Health Squared without underwriting and […]
National Treasury has reiterated its message that changing legislation will not be enough to avert a potential grey-listing next year; the authorities will have to demonstrate commitment and progress with enforcing legislation aimed […]
In last week’s Moonstone Monitor, we published an article titled “FSCA publishes notices issued to FSPs for Fica non-compliance”. The article stated that the FSCA had informed subscribers to its communications that it […]
Conducting raids on the premises of the eight life insurers under investigation by the Competition Commission for alleged collusion and price-fixing did not mean that all of them were guilty, Fin24 reports Commissioner […]
The South African Reserve Bank (Sarb) has asked legal advisers to President Cyril Ramaphosa to respond by September 8 to requests for further information as it probes the theft of foreign currency from […]
