The Authority says the penalties reflect the financial benefit gained from unlawful conduct and the harm to clients – handing 30-year debarments to several Banxso executives.
July Savings Month is the South African Savings Institute SASI’s annual national savings awareness campaign. In 2020, the #waystosave campaign includes an educational portal. “We’re focused on building a savings culture in South […]
The National Council of Provinces approved the Cybercrimes Bill on 1 July 2020. The objectives of the Bill include: ● The creation of offences and imposing sanctions that have an impact on cyber-crime; ● criminalizing […]
After a comprehensive public consultation process and submission to Parliament, as required in terms of section 103 of the Financial Sector Regulation Act, 2017 (FSR Act), the FSCA has published the Conduct Standard […]
The Financial Sector Conduct Authority (FSCA) recently published a Conduct Standard for banks along with a document detailing its expected impact and a report on the consultation process. “Over the past decade a […]
According to the just-released claim statistics by Old Mutual, the proportion of heart attack claims have increased by 113% since 2016, moving heart attacks from being the least claimed ‘Big 4’ illness to […]
In a media release published last week, the FSCA confirmed that the recent judgment (Café Chameleon CC v Guardrisk) is in line with its earlier communication (communication 34 of 2020) and stressed their concern […]
“A key thing that emerged across the 2020 Sanlam Benchmark research was that the focus of institutional retirement funding will shift from engaging members themselves. This is consistent with the Mega trend of […]
If a taxpayer has outstanding tax debts (including penalties), the Tax Administration Act empowers the Commissioner for the South African Revenue Service (SARS) to appoint a third party, i.e. an employee of a […]
In response to the impact of COVID-19 and the nationwide lockdown on South Africa in general, and the financial services industry specifically, the Financial Sector Conduct Authority (FSCA)announced various extensions. These include the […]
Legalbrief commented on the short-term insurer’s response to the business interruption claims case due to be heard in the Western Cape High Court on 1 September. “Santam says its clients’ assertion that Covid-19, […]
Guardrisk and HIC reacted to the judgement by saying that it recognised the plight of business owners in the hospitality industry and the need to get clarity on Covid-19 related business interruption insurance […]
The stand-off between short-term insurers and clients who had claims denied for business interruption due to Covid-19 took an interesting turn after the Cape High Court found against one insurer. The Applicant, Café […]
The time spent in virtual meetings has increased over the last three months. Although this has been because of the pandemic and lockdown rules, this new way of communicating is here to stay. […]
The 2003 version of the General Code of Conduct (GCoC) for authorised financial services providers and representatives captured the handling of complaints in three pages, only focussing on basic principles and procedures. The […]
“A new conduct standard on the conditions in terms of which smoothed bonus policies may form part of default investment portfolios was released on Tuesday evening and is scheduled to come into force […]
“A new conduct standard on the conditions in terms of which smoothed bonus policies may form part of default investment portfolios was released on Tuesday evening and is scheduled to come into force […]
“The Conduct Standard for Banks is the first step towards rolling out a comprehensive market conduct regulatory framework for the banking sector. The main objective of the Conduct Standard is to introduce requirements […]
