Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle

The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.

5% levy increase for FSPs gazetted

FSPs will pay 5% more in levies in the 2022/23 levy year than they did in 2021/22, as the FSCA has rejected calls from some stakeholders to implement a lower increase. Our columnist, […]

Momoniat: We don’t know who dropped the ball with state capture transactions

National Treasury’s acting director-general, Ismail Momoniat, says mechanisms need to be put in place to ensure that the regulators are doing their job in respect of suspicious financial transactions, noting that Treasury does […]

FSCA proposes to increase FSPs’ levies by 5%

The FSCA has proposed increasing its levies by about 5% this year. Although the percentage increases for most of the variables used to calculate the total levy are higher than those contained in […]

FAIS Ombud rep levy pushes up an FSP’s total levy bill

As we reported last week, National Treasury has revised some of the levies that FSPs will have to pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill. […]

Treasury proposes reducing FSP levies

National Treasury has proposed lowering some of the levies that FSPs will pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill, to reduce the impact on small […]

MPs ask Treasury for report on impact of new financial sector levies

Parliament’s Standing Committee on Finance has tasked National Treasury with producing a report on how the Financial Sector and Deposit Insurance Levies Bill will impact consumers and small entities. Read: FSPs face paying […]

Deposit insurance will cost R14 per depositor, says Treasury

The annual costs to fund the Corporation for Deposit Insurance (CoDI) and the Deposit Insurance Fund (DIF) will work out to R14 per qualifying depositor, National Treasury told Parliament’s Standing Committee on Finance […]

FSCA’s forecast income for 2022/23 will leave it with a shortfall

The FSCA forecasts it will have a total income of R949 million in the 2022/23 financial year, while its operating expenditure will be R967m, leaving it with a shortfall of R18m. This emerged […]

FSPs face paying regulators much higher levies

FSPs will pay significantly higher levies if the Financial Sector and Deposit Insurance Levies Bill is passed into law in its current form. The Minister of Finance introduced the bill and the Financial […]