Germany’s financial supervisory authority has fined Steinhoff International Holdings a total of €11.29 million (about R192m) for breaching financial regulations. The multinational retailer has a primary listing on the Frankfurt Stock Exchange and a secondary one on the JSE. BaFin said in a brief statement that the sanction related to contraventions of the Securities Trading […]
The FSCA announced this week that it has imposed a fine of R200 000 on Poneso Employee Benefits and Actuarial Consultants (Pty) Ltd and Poneso Consulting (Pty) Ltd for contravening a provision of the General Code of Conduct between March 2016 and October 2018. According to the administrative penalty order dated 27 May, Poneso Employee Benefits […]
The FSCA has fined Brite Advisors South Africa (Pty) Ltd and a former director of the group, Nigel James Green, a total of R12.5 million. The Authority said an investigation found that Brite, which was formerly known as deVere Investments South Africa (Pty) Ltd, and deVere SA Acuma (Pty) Ltd, contravened various financial sector laws […]
The FSCA has fined the chief executive of Smart Billion Investments R10 million and debarred him for 10 years while another director was fined R500 000 and debarred for five years for contravening a number of financial sector laws. The sanctions follow an investigation by the FSCA after it received a complaint alleging that Smart […]
– Timely warning to industry about new advertising regulations Section 106(a) of the Collective Investment Schemes Act No.45 of 2002 states: No person may make a statement or disseminate information which he or she knows, or ought reasonably to know, is false or misleading or is likely or intended to – a) Induce other persons […]
The Registrar of Long-term Insurance (the Registrar) referred a case against The Smart Life Insurance Company Limited (Smart Life) to the Enforcement Committee of the Financial Services Board. During the period 15 April 2013 until 24 June 2016 Smart Life contravened Rule 16.1 of the Policy Holder Protection Rules (Rules) issued under the Long-term Insurance Act, No.52 of 1998 […]
