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.
Nedbank says it committed no wrong in relation to the interest rate swap transactions it concluded with Airports Company SA (Acsa) between 2009 and 2011. The bank was responding to Acting Chief Justice […]
PricewaterhouseCoopers (PwC) has admitted that it dropped the ball in failing to identify corruption at SAA when it audited the company’s books between 2012 and 2016. In part 1 of his report on […]
The response to climate change, inflation, post-pandemic growth and China’s market interventions are among investment managers’ top concerns this year, according to Sanlam Investments. Sanlam Investments’ portfolio managers believe active managers will focus […]
Global management consultancy Bain & Company says it is “deeply sorry” for its role in the damage inflicted on the SA Revenue Service (Sars) during the tenure of Commissioner Tom Moyane. However, Bain […]
The chief executive of 3Sixty Global Solutions Group, Khandani Msibi, has sharply criticised the FSCA and the Prudential Authority (PA) after 3Sixty Life was placed under provisional curatorship at the end of last […]
The FSCA and the Prudential Authority (PA) have published, for comment, the draft Joint Standard: Cybersecurity and Cyber Resilience Requirements, which sets out the minimum standards for sound practices and processes of cybersecurity […]
The FSCA says it will engage with the financial services industry in the first quarter of this year on the implementation of its cross-sectoral Conduct of Business Return (Omni-CBR). The Omni-CBR is intended […]
My initial brief was to write an article on the FAIS Ombud’s annual report, but I thought it better not to start the new year on such a sombre note. Equally depressing was […]
The FSCA has once again extended – this time until 31 December 2023 – the exemption on compliance officers’ prescribed visits to FSPs’ business premises. The exemption was granted in 2017 to the […]
National Treasury has published a discussion paper, for public comment, on the two-pot system for retirement savings, which will allow for limited pre-retirement withdrawals, and on mandatory retirement savings for all employed and […]
The FAIS Ombud has warned that complaints about the rejection of homeowner’s insurance claims will be referred to the FSCA for investigation if she believes the disclosure at inception is wanting. This was […]
Death claims for fully underwritten new-generation life insurance policies were nearly four times higher than the expected death rate during the peak of the third wave of Covid-19, according to the Actuarial Society […]
Death claims for fully underwritten new-generation life insurance policies were nearly four times higher than the expected death rate during the peak of the third wave of Covid-19, according to the Actuarial Society […]
The Ombudsman for Short-term Insurance (Osti) told an insurer to settle claim from a policyholder who was not wearing his glasses at the time of an accident, despite the endorsement to his driver’s […]
An employer’s obligations to pay contributions to a provident fund ceased when the fund registered the member’s disability claim, not when his contract of employment ended, the Financial Services Tribunal has ruled. The […]
The Financial Services Tribunal has ordered the FSCA to come up with an “appropriate” administrative penalty on Markus Jooste after it set aside the fine of nearly R162 million the regulator imposed on […]
Loan originations have increased year-on-year across all major lending categories, except credit cards. However, the South African consumer credit market remains below pre-pandemic levels, according to TransUnion’s latest overview of credit trends. Origination […]
