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.
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FSCA highlights common CASP compliance failures
The regulator reports steady progress in licensing while sharing lessons from its AML inspections of authorised providers.
Compliance officer visit exemption continues
Compliance officers may continue using a risk-based approach to determining visit frequencies instead of complying with the prescribed minimum intervals.
Premium-collection relief retained for three years
The extension preserves the existing framework allowing qualifying juristic representatives to collect and deal with insurance premiums on behalf of insurers.
Insurance-cover exemption extended for underwriting managers
Qualifying Category I and Category IV underwriting-manager FSPs remain exempt from the section 13 requirement, subject to the existing conditions.
Audit report and liquidity exemption for certain FSPs renewed
Qualifying Category I FSPs that handle insurance premiums on behalf of insurers may continue relying on the existing exemption until 30 June 2029.
Private equity FAIS relief continues until 2029
Qualifying providers and certain juristic representatives will continue to benefit from targeted regulatory relief, with the existing exemption conditions unchanged.
Tribunal clarifies test for qualification exemptions
The ruling explains why exemption applications require objective statutory grounds rather than pleas for indulgence.
Funeral insurance Bill moves to Parliament, but questions persist
The proposed reforms could require significant operational changes for insurers, but industry experts believe they address only part of the problem.
FSCA provisionally withdraws Mixirite’s licence
The regulator’s concerns include alleged high-pressure sales tactics, unrealistic return promises, and inadequate disclosures to clients.
Tribunal draws line between enforcement powers and personal redress
The decision highlights the distinction between punishing misconduct and compensating consumers who claim to have suffered losses.
Warning against investment pitches dressed up as legitimate businesses
The FSCA identifies schemes using fake affiliations, cloned identities, and unrealistic return promises to attract funds.
Preparing for COFI: ‘fair outcomes’ will be the new compliance test for FSPs
Even smaller firms will need to demonstrate fair treatment, as the regime makes proportionality a matter of scale, not exemption.
Crypto payment-type activity may fall under FAIS, say regulators
Crypto assets fall outside the NPS Act, but intermediary-led payment-type activity involving crypto may still trigger a licensing requirement.
FSCA warns of Telegram groups impersonating financial firms
The regulator alerts the public to scammers who are abusing the names and branding of three authorised FSPs to solicit funds.
National Treasury defends draft capital flow regulations
Treasury and the SARB say the proposals are not intended to criminalise crypto possession and have extended the deadline to comment.
Retirement industry flags operational risks in dual contribution regime
IRFA says the FSCA is engaging with the Department of Employment and Labour on the issue.
