Tribunal upholds JSE directive that Trustco must restate its financial results
The Financial Services Tribunal has upheld the JSE’s directive that Namibia-based Trustco must restate its financial statements for the year to 31 March 2019 and its interim results to 30 September 2019, because they did not comply with the International Financial Reporting Standards (IFRS). The accounting “errors” pushed up Trustco’s profits by N$2.1 billion. The […]
Tribunal not impressed with how FNB debarred employee for the second time
The Financial Services Tribunal has expressed its disapproval of the way in which FNB debarred a representative – and it set aside the employee’s debarment for a second time. FNB dismissed and debarred the representative, because, it said, she intentionally misled the bank about her hours of work. The applicant said she was presented with […]
National Consumer Tribunal pulls Onedebt MD’s debt counselling registration, issues R500k fine
The National Consumer Tribunal (NCT) has cancelled the debt counselling registration of the managing director of Cape Town-based Onedebt and fined him R500 000. The NCT found Johan Fourie guilty of numerous transgressions of the National Credit Act, its regulations, and his conditions of registration as a debt counsellor. The hearing before the tribunal followed an […]
When will the Compensation Fund pay out for Covid vaccine-related side-effects?
The Compensation Commissioner has published a Notice in the Government Gazette that sets out when the Compensation Fund will compensate employees for injuries, illness or death as a result of receiving a Covid-19 vaccine. The Notice was published in terms of section 6A(b) of the Compensation for Occupational Injuries and Diseases Act (Coida). The Compensation […]
Deadline extended for comments on review of matrimonial property law
The South African Law Reform Commission (SALRC) has extended until 14 January 2022 the deadline for comments on Issue Paper 41 that deals with its review of matrimonial property law. Issue Paper 41 replaces the SALRC’s Issue Paper 34 published on 28 August 2018. The commission said the revision is necessary in the light of […]
Real take-home salaries down 3.1% in October
Average take-home pay in South Africa decreased by 3.1% in real terms in October, the steepest year-on-year decline since September 2019, according to the latest BankservAfrica Take-home Pay Index (BTPI). BankservAfrica said the decline follows the high base in October last year, when casual employees were returning to work. The average real take-home pay was […]
Does social media really make us lie more?
It’s commonly believed that communicating online, as opposed to in person, results in people telling more lies. But the results of a recent study challenge that perception. David Markowitz, Assistant Professor of Social Media Data Analytics at the University of Oregon, had 250 people record their social interactions and number of interactions with a lie […]
Is the FAIS Ombud still providing legal certainty in a complex environment?
The latest scathing remarks from the Financial Services Tribunal regarding the Office of the FAIS Ombud’s apparent failure to execute its duties properly need to be seen in the context of the historical development of the office. In the beginning The name Charles Pillai will ring a bell for those who were around when, in […]
Tribunal appeals to FAIS Ombud to get her act together
The Financial Services Tribunal has sharply criticised the FAIS Ombud for not holding an oral hearing during which material disputes of fact could be aired and considered, before making a finding. The tribunal set aside the ombud’s determination against an FSP who advised his client to invest in Sharemax and ordered her to reconsider the […]
FSCA withdraws proposed hedge fund conduct standard
The FSCA has withdrawn a proposed conduct standard for retirement fund investments in hedge funds, saying subsequent events have made the standard unnecessary. The draft standard was published by the erstwhile Financial Services Board for public comment in 2015. The FSCA published a revised draft in October 2020. The draft standard proposed that retirement funds […]
