FIC maps the money laundering, terror financing risks facing SA’s crypto sector
The report outlines the CASP sector’s vulnerabilities and provides guidance on how enhanced compliance and improved risk management can help to safeguard the industry.
FSCA
FSCA probes complaint processes amid surprisingly low filing rates
A survey shows that only 8% of consumers lodged complaints with financial institutions between 2021 and 2023. Does this figure reflect genuine satisfaction or signal barriers in the complaint process?
Increase in penalty for late insurance returns
The FSCA has raised the maximum daily penalty for late submissions under insurance legislation by 4.39%.
New website will change the way FSPs interact with the FSCA
The revamped website will centralise all regulatory tools and services into one easy-to-navigate platform, making it simpler for FSPs to locate compliance information, verify credentials, and track enforcement actions.
Finalised Conduct Standard for financial education released
In response to stakeholder concerns over increased costs, the FSCA says the requirements can be scaled to each institution’s size and complexity.
Revised draft standard for disclosure of short sales open for comment
The new draft introduces a phased approach, initially focusing on positional reporting to overcome challenges identified in earlier consultations and to enhance oversight of short selling.
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The Authority has withdrawn the temporary exemption for retirement fund transfers, signalling the full implementation of updated regulatory requirements.
Retirement fund assets reach R5.84 trillion
The FSCA’s latest Retirement Funds Statistical Report highlights trends in fund membership, asset growth, and investment performance.
AML/CFT | Strict enforcement will be the new normal
The need to get South Africa off the grey list has seen the FSCA beefing up its supervisory and licensing capacities.
Beware of doing business with unauthorised entities
Promises of unrealistic returns are clear sign that a scam is afoot.
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.
FSCA discloses approach to regulating a rapidly changing financial sector
Unathi Kamlana says the Authority will support the integration of advanced technologies and strengthen frameworks for consumer protection, cyber resilience, and financial inclusion.
Godongwana reassures Ithala’s depositors with R2bn guarantee
The minister’s address to the FSCA conference also touched on regulation, South Africa’s G20 presidency, political tensions over the Budget, and economic growth.
SA’s path beyond the grey list: key challenges and opportunities ahead
While South Africa is on track to exit the grey list by October, National Treasury emphasises the importance of long-term improvements and continuous progress in financial regulation.
Customer complaints: FSCA tells banks to raise their game
A review finds significant lapses in the banks’ complaint management – from inconsistent categorisation to poor record-keeping and communication.
FSCA ponders regulatory enhancements for ESG investing
A survey indicates that while a majority of investment providers incorporate ESG considerations, hurdles such as inconsistent ratings and greenwashing remain.
