Mining shares push JSE higher in February
While most major global markets ended in the red, mining sector stocks drove the FTSE/JSE All Share Index 2.4% higher in February. The Alsi is up 3.2% so far this year. Diversified miners, […]
Bonitas members caught in service disruption after administration switch
The medical scheme says legacy issues contributed to post-transition challenges as members report delays with hospital authorisations and medication approvals.
SA cannot avoid tax increases, says Finance and Fiscal Commission deputy chairman
“We need to have a serious debate about raising taxes, because taxes are going to have to go up. There is no doubt about it in my mind,” Michael Sachs, the deputy chairman […]
FSCA publishes draft conduct standard on benchmarks
The FSCA has published a draft conduct standard on the requirements for providing a benchmark in South Africa. This follows the publication in September last year by National Treasury of draft regulations that […]
PA loses bid to remove Ram as 3Sixty Life’s curator
The Prudential Authority (PA) has lost its urgent application to replace Yashoda Ram as the provisional curator of 3Sixty Life, with the Gauteng High Court ruling on Thursday that the regulator had “adopted […]
Millions of rands siphoned from Numsa’s insurance company, report shows
Millions of rands in insurance premiums paid by members of the National Union of Metalworkers of SA (Numsa) were siphoned from life insurer 3Sixty Life to prop up other Numsa-owned companies between 2017 […]
Numsa: Was report a factional attempt to cause panic?
The National Union of Metalworkers of South Africa (Numsa) has noted the article published by James Stent in GroundUp and the article written by Micah Reddy of amaBhungane. The articles are making reference […]
R3.2bn of Santam’s record R24.5bn claims pay-out went to BI policyholders
Santam paid out R24.5 billion (2020: R21bn) in claims last year, the highest gross claims pay-out in its 104-year history, the country’s biggest short-term insurer said in its financial results for the year […]
FSCA will use its enforcement powers to promote transformation
The FSCA has outlined how it intends to promote transformation in the financial sector, both now and, more importantly, once the Conduct of Financial Institutions (Cofi) Bill becomes law. This week, the Authority […]
‘Fit and proper’ exemptions for credit life, funeral insurance FSPs
The FSCA is exempting FSPs, key individuals and representatives who operate in the credit life and funeral insurance space from some of the Fit and Proper Requirements. The reason for the exemptions is […]
Appeal Board upholds R1m fine on truck dealership for Fica non-compliance
The Appeal Board of the Financial Intelligence Centre (FIC) has upheld the effective penalty of R1 065 924 imposed on Gauteng-based Truck World for failing to report transactions exceeding the cash threshold of R24 999.99. […]
‘Embattled life insurer paid for Irvin Jim’s birthday party’
National Union of Metalworkers of South Africa (Numsa) general secretary Irvin Jim scored a R40 000 birthday party, and his daughter a laptop, thanks to a life insurance company owned by Numsa’s workers’ […]
Tribunal: FSPs must adhere to section 14 when debarring representatives
The Financial Services Tribunal’s decision in January to set aside the debarment of a financial planner highlights the importance of FSPs adhering to the requirements of section 14 of the FAIS Act and […]
FSCA fines Pioneer FX and Quintin Moorcroft R2m
The FSCA has jointly fined Pioneer FX (Pty) Ltd and Quintin Moorcroft for rendering financial services without authorisation. It has also debarred Moorcroft for 10 years. The Authority said, as a result of […]
Keeping it simple is the solution
Ninety-eight percent of lawyers give the rest of us a bad name, quipped Steven Wright, American stand-up comedian, actor, writer and Oscar-winning film producer. This view was also applied to the financial services […]
Budget proposes changes to the tax regime of retirement funds
The government proposes to address anomalies in the Income Tax Act to ensure that members of pension and provident funds are treated alike, according to proposals announced in the Budget Review. The anomalies […]
Exchange control restrictions ease, but regulatory net tightens around crypto
The government intends introducing several amendments to legislation that will affect exchange control in general and crypto assets in particular. The 2022 Budget Review set out the following proposals that will ease the […]
Scope of ‘variable remuneration’ to be expanded
The government intends to amend section 7B of the Income Tax Act to cater for performance-based variable remuneration, the 2022 Budget Review says. In terms of the Act, “variable remuneration” includes: Overtime pay, […]
