Let me at the outset just caution against popping the champagne corks too soon. The UK Court found in favour of the arguments advanced for policyholders by the FCA on the majority of the key issues, not all of them. It also has to be borne in mind that the lockdown in the UK was […]
In view of the important role that the hospitality industry plays in the economy, it is imperative that legal clarity is obtained as soon as possible. The FSCA has decided to put its own “test case” to obtain legal certainty on CBI Cover on ice. “After engaging with their legal teams, the majority of non¬life […]
The FSCA has released the following Notices: 1. FSCA FAIS Notice 68 of 2020 Amendment of Exemption of Certain FSPs who are Long-term Insurers or Short-term Insurers from Section 13 of the General Code of Conduct, 2020. The purpose of the above-mentioned amendment is to extend the Exemption of Certain FSPs who are Long-term Insurers […]
A recent FSCA Communication again stressed that “a provider must always act in accordance with section 2 of the General Code which requires that the provider must at all times render financial services honestly, fairly, with due skill, care and diligence, and in the interests of clients and the integrity of the financial services industry.” The […]
Given how important financial skills are to navigating life, it is important for children from a young age to be exposed to financial lessons. One of the Financial Sector Conduct Authority’s (FSCA) flagship projects, its MyMoney Learning Series, is a facilitated programme that uses picture-based, conversational/peer-to-peer learning to disseminate basic consumer financial education (CFE) content […]
The Minister of Finance has published amendments to the Financial Sector Regulations in terms of sections 61(4), 288 and 304 of the Financial Sector Regulation Act No.9 of 2017 (FSR Act). “… weaknesses in the regulations have delayed the process to complete the appointment process, and necessitated amendments to the regulations,” the statement reads. The […]
Further to previous publications by the Financial Sector Conduct Authority (FSCA) on the problematic issue of Contingent Business Interruption (CBI), the Authority has now published details of its letter to non-life insurers on the matter. The insurers have expressed concerns with regard to “…arbitration proceedings, the ambit of existing court proceedings and rulings and possible […]
In a recent communication the FSCA reminded all Boards of retirement funds and their administrators of the binding force of a fund’s rules in terms of section 13 of the Pension Funds Act, 1956, and in particular the impact thereof in respect of a Board’s terms of office. According to the communication the FSCA has been […]
The Financial Services Tribunal has just handed down its decision on an application by MET Collective Investments (Pty) Ltd (METCI) for a reconsideration of an order made by the Financial Sector Conduct Authority (FSCA) in September 2019. Originally the FSCA imposed a penalty of R100 million for contraventions of the Collective Investment Schemes Control Act and […]
Cybercrime continues to evolve, with new threats surfacing every day. Last year an Accenture study revealed a huge spike in cyberattacks on all fronts – banks, Internet service providers (ISPs), utilities and ecommerce platforms were hit, as were consumers. In a recent media release the FSCA confirmed that more than nine attempted attacks take place […]
