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NEW IMAGE - Tribunal upholds JSE directive that Trustco must restate its financial results

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 […]

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Tribunal not impressed with how FNB debarred employee for the second time

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 […]

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Tribunal pulls Onedebt MD’s debt counselling registration, issues R500k fine

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 […]

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When will the Compensation Fund pay out for Covid vaccine-related side-effects

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 […]

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Real take-home salaries down 3.1% in October

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 […]

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Does social media really make us lie more

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 […]

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FSCA withdraws proposed hedge fund conduct standard

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 […]

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