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.
FSCA
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.
Focus on COFI at Moonstone’s Regulatory Update Webinar
The webinar will explore the latest regulatory developments and what they mean for future supervisory expectations.
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.
Ithala enters next phase as repayment administrator’s role comes under review
As the National Treasury-backed repayment programme for Ithala depositors nears completion, KZN Treasury says the Prudential Authority will review the repayment administrator’s role.
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.
Treasury proposes higher levies for 2026/27
Most FSCA levies will rise by 3.2%, but retirement funds face a 15% increase in the OPFA levy, and charges are introduced for some entities.
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.
