Treasury publishes draft amendments to two-pot legislation
The Bill provides for flexibility when provident and provident preservation funds perform the seeding calculation.
FSCA slaps Banxso and directors with record R2bn fine
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.
Incidental credit providers excluded from FICA registration
The revised draft of PCC 23A brings further clarity to the interpretation of credit providers under the Financial Intelligence Centre Act.
FSCA slaps R2.1m fine and 20-year ban on unauthorised forex operator
An investigation found that Greyshore Investments solicited deposits while promising to trade on behalf of investors, without the necessary authorisation.
Nedbank’s fuel rewards advert is misleading, says ARB
A client complained that she couldn’t earn Greenbacks rewards at a BP filling station because it does not accept American Express cards.
SA’s corporate tax base rests on a few large companies
More than 3.6 million companies were registered with SARS, and only 0.1% of them contributed 72.3% of corporate income tax revenue in 2022.
Don’t let non-disclosure sink your business: insurance insights for owners
Business owners who neglect to inform their insurers of changes risk denied claims, policy voidance, and even lawsuits.
The risks of tap-and-go cards: how to safeguard your money
The Banking Ombud urges consumers to be proactive in protecting their funds, especially as complaints rise about unauthorised tap-and-go activity with lost or stolen cards.
Digital scams surge during the festive season – are you prepared?
Scammers are using fear, urgency, and authority to exploit unsuspecting shoppers. Discover how to keep your finances safe amid the surge in holiday fraud.
US financial company’s name hijacked in impersonation scam
The FSCA says the scammers are also misusing the FSP number of a Bloemfontein-based financial planning business.
Why financial planners shouldn’t overlook gap cover in clients’ strategies
Gap cover can protect your clients’ retirement savings and long-term goals from unexpected medical expenses.
Investigation: United African Stokvel’s promises were worthless
The stokvel misused a significant portion of the money it collected, while the remaining amounts were used to pay purported returns to some investors, says the Authority.
FSCA fines two financial firms R1.2 million for FICA compliance failures
Risk management failings, inadequate customer due diligence, and lack of senior management oversight are key lessons for the industry.
Banking sector providing the Hawks with tools to combat financial crime
The Digital and Financial Forensic Analysis Centre’s latest project is serving subpoenas electronically to obtain bank records.
Ramaphosa calls on private sector to end appointments of Bain and McKinsey
The Presidency is not happy with McKinsey’s appointment as a supporting partner to the B20 or Bain’s running the Energy Council’s project management office.
Allan Gray lodges complaint over ‘imitation’ Nedbank advert
Allan Gray argued that Nedbank’s ‘Time is more valuable than money’ campaign infringed upon its intellectual property.
Forged IDs fuel 50% of global fraud as South Africa sees 300%-plus surge in 2024
The surge in fraud underscores the urgent need for stringent compliance measures to protect clients and maintain trust amid rising threats.
Black Friday 2024: South African shoppers go digital amid record spending
Consumers defied economic pressures this Black Friday, with banks processing billions in transactions and setting new records. Digital payments took centre stage, highlighting a significant shift in consumer behaviour.
