Quo vadis, compliance reporting?
The process involved in replacing the old compliance reports, which were last required for the 2017 financial year, reminds me of a joke in a rag magazine, many years ago, about a new […]
Retirement fund arrears rise to R8.33bn despite R1bn in recoveries
Late-payment interest now accounts for almost half of arrears, suggesting unpaid contributions are remaining outstanding for longer.
Group disability benefits: ‘adapt or die’
Without a new approach to managing risk, group income disability benefits are headed for extinction and, in the retail market, only the rich will be able to afford these benefits, says Reinier van […]
Retirement benefit counselling has an impact on how much members take as cash
Proper counselling when employees change jobs or reach retirement makes a significant difference to the portion of their savings employees take as cash, but few employees are receiving this kind of advice, according […]
What you should know about auto-assessments in the 2022 tax filing season
The South African Revenue Service (Sars) has introduced some changes to the auto-assessment process this year to make it easier for taxpayers to file their income tax returns. If you are not a […]
FSCA wants information on paid-up retirement benefits
The FSCA has told retirement funds and fund administrators to submit information about their paid-up members, setting a deadline of 31 October for information relating to new paid-up members. In March, the FSCA […]
Prepare for two massive repo rate hikes, says commercial bank
The South African Reserve Bank (SARB) will hike the repo rate by 75 basis points in both July and September – well above the consensus expectation, according to international banking group BNP Paribas. […]
Fica verification: can accountable institutions ask for too much information?
The recent Supreme Court of Appeal (SCA) case of Nedbank Limited v Houtbosplaas (Pty) Ltd and Another raises interesting considerations for accountable institutions aiming to comply with their obligations under the Financial Intelligence […]
Inadequate money laundering risk management exposes businesses to criminal exploitation
Businesses that do not develop and implement an effective risk management and compliance programme (RMCP) are particularly vulnerable to financial crime, such as money laundering and terrorist financing. A Financial Action Task Force […]
FSPs can’t simply debar representatives for any act of internal misconduct
The Financial Services Tribunal (FST) has drawn on the principles governing the fit and proper requirements for legal practitioners in setting aside the debarment of a bank’s representative on the grounds of dishonesty. […]
Only days left to apply for MBSE’s second semester
Applications to enrol for one of Moonstone Business School of Excellence’s accredited qualifications close on Monday, 27 June. If you want to kick-start a career in the financial services sector, or if you’re […]
Debarment reconsiderations following a pattern: Which client affidavit is true?
The Financial Services Tribunal (FST) has set aside and remitted the debarment of a Sanlam representative in a case that followed a pattern similar to many debarment reconsideration applications: a client produces an […]
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 […]
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 […]
