Amended Conduct Standard for section 14 transfers takes effect
The Authority has withdrawn the temporary exemption for retirement fund transfers, signalling the full implementation of updated regulatory requirements.
#FinancialSectorRegulationAct
FSCA’s contingency plan: navigating COFI delays and licensing overhaul
The FSCA is preparing for the massive task of migrating about 12 500 financial services providers into the new COFI framework.
Levies and fees weighed as PA prepares to regulate CISs and retirement funds
The PA shared an update on the six workstreams focused on the transition, confirming that they will be ready to regulate CISs and retirement funds by 1 April 2026.
Funeral home fined R11.4m for unauthorised insurance business
The two directors were debarred for 20 and 10 years, respectively.
FSCA fines funeral service R4.4m for unauthorised insurance operations
The two directors of Hernell Funerals have been debarred for 10 years and five years, respectively.
Battle between PA and insurers: court clarifies regulatory powers
The High Court confirms the Prudential Authority’s right to challenge Tribunal decisions while affirming the limits of retrospective penalties.
Bill proposes wide-ranging changes to strengthen AML regime
The amendments to the Companies Act, FICA, and the Financial Sector Regulation Act are designed to close regulatory gaps and enhance enforcement.
FSCA slaps R2.1m fine and 20-year ban on unauthorised forex operator
An investigation found that Greyshore Investments solicited deposits while promising to trade on behalf of investors, without the necessary authorisation.
Arrear contributions: FSCA publishes third list of defaulting employers
A longer annexure of employers who have cleared their arrears or arranged to do so signals the effectiveness of the Authority’s ‘name and shame’ campaign.
CPA amendments: will financial services face stricter direct marketing rules?
Experts weigh in the impact on financial services of a proposed opt-out registry to protect consumers from unwanted marketing.
Uncloaking the mysteries of financial sector penalties
The huge penalties imposed by the FSCA and the Prudential Authority raise questions about the clarity and consistency of the factors influencing these fines.
FSCA’s first enforcement action for unauthorised trading signals
The Authority has made good on its undertaking to act against unlicensed trading signal providers, imposing a R1m fine and a 10-year debarment.
Ombud Council’s first formally tabled report highlights reforms in financial dispute resolution
Key achievements include the creation of the National Financial Ombud Scheme and the new FAIS Ombud Rules.
Retirement funds get exemption from using prescribed section 14 transfer forms
The exemption will apply pending the finalisation of the consultation process on the draft amendments to Conduct Standard 1.
Sharemax case: High Court rules on the status of the FST chairperson’s decisions
The adviser brought an application for the FAIS Ombud’s determination and the Tribunal chairperson’s decision to be reviewed in terms of PAJA.
SCA rules on composition of Financial Services Tribunal panels
Litigation between Trustco and the JSE over the group’s financial statements.
Warriner hit with 30-year debarment as FSCA’s BHI probe continues
The suspension of Global & Local’s licence relates to its relationship with BHI Trust, the FSCA confirms.
