FSCA finalises new Interpretation Ruling on section 37C of the PFA
Interpretation Ruling 1 of 2020 incorrectly brought an unclaimed benefit within the ambit of section 37C of the Pension Funds Act.
Banxso licence withdrawal – FST dismisses reconsideration bid
The Tribunal dismisses separate applications brought by Banxso and four executives, saying they lack legal standing.
CEO fined R7.5m and barred as a director for share-trading during closed period
The JSE says Luxe’s former chief executive refused to acknowledge regulatory correspondence or co-operate with the investigation.
SARS can seize the property of third parties on the premises identified in a warrant
The suspicion that the third party’s vehicle contained material relevant to the taxpayer under investigation was sufficient for it to be searched, SCA finds.
Assets held by collective investment schemes reach new record high
ASISA attributes the growth to market performance and net inflows of R110 billion over the 12 months to the end of December 2023.
Potentially volatile election period ahead: do you have enough riot risk cover?
Sasria’s coverage limits may be insufficient for many large corporates, which will require additional cover in the form of a riot wrap policy.
FIC invites comments on its draft risk assessment report for crypto asset service providers
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
FSCA, B-BBEE Commission to work together to advance transformation
The entities will co-operate to improve the level of submission of compliance reports.
Budget 2024: how the inflation monster will affect taxpayers
The Budget Review suggests that National Treasury does not intend adjusting the tax brackets for at least another two years.
Key aspects of Treasury’s proposals to reform SA’s financial ombud system
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
Hackers access CIPC’s client and employee records
The commission urges clients to monitor transactions on their credit cards.
Labour Court upholds restraint of trade, warning against confidentiality breaches
Two insurance brokers found themselves under the scrutiny of the Labour Court, as they were called to account for soliciting clients from their previous employer.
New National Financial Ombud scheme launches
The previously separate credit, banking, and long-term and short-term insurance ombud schemes are now under one roof.
Health department pushes the case for ‘affordable’ NHI
Meanwhile, Solidarity suffers a setback in its efforts to halt the government’s preparations for implementing the system.
FIC publishes new guidance on financial sanctions compliance
Accountable institutions are required to scrutinise client information against the targeted financial sanctions lists to identify designated persons and entities linked to clients.
Existing financial ombud system is ‘too complex’ for consumers to navigate
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
Ombuds will handle cases involving disputes of fact or law and award compensation
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
How the economy and the bond market influence the Budget
South Africa’s core fiscal challenge is to get the gap between economic growth and the cost of borrowing back into positive territory.
