The FST says the factors in section 167 of the FSRA are individual in nature and must be assessed in determining the appropriate penalty for each person.
The FSCA this week published a media release providing a short summary of the content covered in its financial soundness workshop for FSPs that collect premiums or hold assets. The online workshop was […]
Minister of Finance Enoch Godongwana has appointed Thobile Masina as the new acting FAIS Ombud. Masina was the assistant ombud since October 2017. She replaces Advocate Nonku Tshombe, who acted in the position […]
A decision by a pension fund was referred to the Pension Funds Adjudicator’s office, and subsequently to the Financial Services Tribunal by the disgruntled siblings of the deceased. Background After the death of […]
Consumers not only bought fewer risk policies in the first six months of this year but also lapsed a higher number of policies, which is in stark contrast to the same period last […]
The South African Revenue Service (Sars) collected an additional R3 billion through its voluntary disclosure programme (VDP) and prevented tax leakage of another R865 million during the 2021 tax year. However, the latest […]
The publication of the final amendments to Joint Standard 1 of 2020 by the FSCA means that the significant owners of FSPs must now comply with the honesty and integrity requirement from which […]
The Office of the Ombudsman for Long-Term Insurance (Olti) received 11.8% fewer chargeable complaints in the first half of this year compared with the same period last year, when the number of complaints […]
Most economists who participated in a poll by Reuters expect that the South African Reserve Bank (Sarb) will raise the repo rate by 75 basis points this week. Of the 20 economists polled […]
The Competition Tribunal has granted interim relief to the Sekunjalo Group, preventing three banks from closing the group’s accounts and ordering five others to reopen accounts that have already been closed. The interim […]
A beneficiary fund should not be the default choice when a retirement fund pays out a death benefit due to minor beneficiaries, but trustees must interrogate a guardian’s circumstances and intentions before making […]
The Association for Savings and Investment South Africa (Asisa) says retirement funds and administrators would like at least 18 months from the date on which the final legislation is gazetted in which to […]
Cosatu has called for fund members to be allowed to access their accumulated savings when the two-pot retirement system takes effect, to prevent them from resigning and cashing out their savings. This was […]
National Treasury and the South African Special Risk Insurance Association (Sasria) are working on ways for the state-owned insurer to reintroduce the R1 billion in additional cover for large corporates, Finance Minister Enoch […]
The High Court’s decision that requiring healthcare practitioners to obtain a certificate of need (CoN) is unconstitutional will not stop the Department of Health from implementing National Health Insurance (NHI), says Minister of […]
Momentum Metropolitan Holdings (MMH) delivered normalised headline earnings of R4.383 billion in the year to 30 June, significantly higher than the R1.007bn in the previous financial year, following the less severe impact of […]
South Africa’s possible grey-listing will have a “muted” impact on the country’s banking sector, although local banks might suffer some reputational risk and could face higher compliance costs, according to S&P Global Ratings. […]
There are things former retirement fund members and their beneficiaries can do to make it more likely they will be paid an unclaimed benefit due to them. By the end of last year, […]
