Webber Wentzel’s Dawid de Villers, Lenee Green & Portia Mashinini from Webber kindly produced an article discussing the FSCA’s Communication 12 of 2021 (FAIS) on the use of Electronic Signatures and Prepopulated documents. On 5 July 2021, the FSCA issued a communication on pre-populated documents and the use of electronic signatures by financial services providers […]
An FSCA press release on 8 July contains details of hefty administrative sanctions imposed on Momentum Wealth (Pty) Ltd and Momentum Collective Investments RF (Pty) Ltd for failing to comply with FICA requirements. What is important to note is the closing sentence: “With these sanctions the FSCA wants to send a strong message to all […]
An FSCA Press Release on 15 June 2021 addresses the occurrence of inaccurate reports, particularly on social media platforms, which indicate that getting the Covid-19 vaccine will render life insurance policies “null-and-void” because the vaccines are regarded as “experimental medicine”. The Regulator is of the view that such unfounded statements have no merit or basis […]
Background The FSCA website, on its Enforcement Actions page, shows a huge array of fines, ranging from R161 million to as little as R18 000. In 2013, we took up the issue of how such penalties are determined with the (then) FSB, quoting three examples where virtually the same offences were committed, but with huge variation […]
A FSCA media release on 15 October 2020 contained details of the withdrawal of an FSP licence, the debarment of the sole director, key individual and representative for 10 years as well as the imposition of a massive administrative penalty in excess of R58 million. The media release lists five contraventions of the FAIS Act, […]
In a recent communication, the Financial Sector Conduct Authority (FSCA) informed the retirement fund industry that it is in the process of finalising the endorsement of (urgent) amendments to rules of funds received during the course of 2020 brought about by Covid-19 pandemic and the related national lockdown. On 26 March 2020, the Authority issued […]
The summary dismissal of a complaint by the FAIS Ombud was overturned by the Financial Sector Tribunal in a decision published on 30 April 2021. The complaint was dismissed by the Ombud in terms of Rule 7(b)(i) of the Rules of the Proceedings of the Office of the Ombud which provides that the Ombud may […]
Finance Minister Tito Mboweni has appointed Unathi Kamlana as the commissioner of the Financial Sector Conduct Authority (FSCA) for a period of five years. Kamlana is currently employed at the Prudential Authority of the South African Reserve Bank, where he is the department head responsible for policy, statistics and industry support. He will start as […]
In February 2021, the FSCA published a Notice to make the industry aware that the Directive to provide information (DPI) for 2021 is available for online completion and submission from 1 March 2021 to 31 March 2021. Section 43A(3) of the FIC Act states that “The Centre or a supervisory body may in writing, over […]
March is officially Consumer Rights Month. “Through laws such as the Financial Services Regulatory Act (FSRA), the Financial Advisory and Intermediary Services Act (FAIS), the Treating Customers Fairly (TCF) approach as well as consumer education, the FSCA looks to help safeguard an individual’s finances and financial consumer rights,” the FSCA tweeted. As a result, the […]
