NPC report recommends reducing retirement funds’ offshore limit
The National Planning Commission recommends revising Regulation 28 to redirect at least 20% of retirement fund assets towards infrastructure and productive fixed assets.
Banks
SARB moves to liquidate community bank
Ditsobotla is in worse financial shape than previously thought, and the resolution process is unlikely to turn things around.
Court slaps Ithala for ignoring warnings, upholds repayment administrator’s authority
The High Court says the state-owned financier must comply with deposit controls while awaiting the Supreme Court of Appeal’s ruling.
FSCA investigating banks’ transaction fees
The Authority has found wide discrepancies in charges for similar services across banks, says Godongwana.
African Bank pays R500 000 fine for misleading marketing
The advert touted a personal loan as an ‘investment’, contravening Conduct Standard 3’s requirements for clear, fair, and factually correct advertising.
Customer complaints: FSCA tells banks to raise their game
A review finds significant lapses in the banks’ complaint management – from inconsistent categorisation to poor record-keeping and communication.
Major banks to explain lending practices to parliamentary committees
MPs also want to meet with the FSCA to discuss banking-relating issues, including credit policies, fees, and client confidentiality.
How consumers feel about the country’s big retail banks
One digital bank emerges head and shoulders above the rest in the 2024 South African Banking Sentiment Index.
Bank fraud: FICA doesn’t create a private law right to third-party damages
A couple who were victims of business email compromise argued that FICA imposed a private law duty on Nedbank to protect them from financial harm.
Banks defend lending criteria amid accusations of discrimination
The government takes banks to task over what it sees as unfair lending practices, proposing mandatory disclosures of declined home loans.
SARB hopes new deposit insurance scheme will result in banks paying higher interest rates
Bank Zero’s chief executive agrees that the Corporation for Deposit Insurance has the potential to boost the competitiveness of the new digital banks.
Kamlana urges banks to be fair and transparent when closing customers’ accounts
‘Banks should not simply cite reputational risk; reasons must be concrete and consistently applied to prevent what might appear as arbitrary account closures.’
PA publishes draft guidance notes for banks and insurers on climate-related risks, disclosures
Banks and insurers are expected to treat climate risk as a financial risk rather than merely a reputational risk event.
Three cases where the banking ombudsman helped consumers
In one case, the OBS’s intervention resulted in the bank cutting its executor’s fees by 50%.
Monday briefing: a round-up of recent financial services news
Bank staff allegedly helped gold smugglers | FIC gets forensic unit | Ramaphosa on exiting the grey list | OUTsurance boosts stake in Youi
Competition Tribunal rules it can hear currency manipulation case against banks
Nine more banks have been added to the case.
The banking crisis: a much-feared Black Swan has struck
The fallout could be very uncomfortable for equity investors and savers.
