After the headlines: where major FSCA enforcement cases stand
Steinhoff, Banxso, N-e-FG, and Viceroy show that imposing an administrative penalty is often only the beginning of a lengthy legal and recovery process.
#FinancialSectorConductAuthority
Unclaimed benefits | Support for central tracing, not central control
Retirement funds back efforts to make unclaimed benefits easier to find but say transferring billions in retirement assets into a central fund goes too far.
High-profile FSCA investigations grind on amid legal battles
Updates disclose why the Tongaat Hulett and AYO matters remain unfinished, while the Curro case has now become a formal investigation.
Fresh investment scams and impersonation schemes
The regulator has issued new warnings involving unauthorised investment offers and fraudsters using the names of licensed financial firms to deceive the public.
Court and Tribunal rulings strengthen regulator’s enforcement hand
Key judgments clarified the FSCA’s ability to investigate misconduct, resist procedural delays, and pursue cross-border enforcement.
Draft manual sets out proposed cross-border crypto regime
Early industry reaction focuses the implications for stablecoin payments and self-custody wallets, and the compliance burden.
OPFA introduces dedicated form for section 13A complaints
Retirement funds are expected to submit fuller, better-documented complaints when pursuing employers over unpaid contributions and missing contribution schedules.
Banxso, Medbond, and Steinhoff drive FSCA penalties to R2.9bn
The Regulatory Actions Report shows how the Authority is combining penalties, licence withdrawals, and debarments to tackle serious misconduct.
Moonstone verification credited with cutting regulatory exam fraud
The FSCA says enhanced identity checks have strengthened the integrity of the regulatory examination process and reduced impersonation.
Unclaimed retirement benefits – a problem that won’t go away
Better member data, stronger engagement, and AI-assisted tracing may improve future outcomes, but billions of rands in legacy retirement savings are likely to remain unclaimed.
Tribunal ruling reinforces substance over form in insurance
CDH says the decision highlights the risks for businesses that incorporate cover or risk-transfer arrangements into broader commercial offerings.
Conduct Standard deadline nears for benefit administrators
From 6 August, administration agreements and outsourcing arrangements must comply with the last deferred provisions of Conduct Standard 2 of 2025.
Masondo exits as PIC governance crisis deepens
Finance Minister Enoch Godongwana confirms that he asked the entire board to step down or explain why its members should not be removed.
Preserved, but scattered: the new retirement savings challenge
As members leave compulsory preserved savings behind when changing jobs, fragmentation across funds may make it harder to manage fees, investments, and progress towards retirement.
COFI will connect what financial institutions offer, say, and deliver
The outcomes-based framework links product and service governance with customer expectations and the experience that follows.
PIC faces mounting governance scrutiny
The FSCA’s investigation forms part of a wider sequence of governance developments at the state-owned asset manager.
Retirement fund arrears rise to R8.33bn despite R1bn in recoveries
Late-payment interest now accounts for almost half of arrears, suggesting unpaid contributions are remaining outstanding for longer.
