FSCA slaps R2.2 million in fines on FSPs for FICA violations
The FSCA highlights the role of RMCPs in safeguarding financial institutions and the financial system after compliance breaches by two FSPs.
FSCA
No room for dishonesty: Tribunal upholds decision to reject FSP licence
The case illustrates how discrepancies in disclosure can undermine an individual’s suitability for a key role, resulting in the rejection of a licence application.
Unpaid contributions: FSCA prepares to hold non-compliant employers accountable
With over R5.2 billion in unpaid retirement fund contributions and municipalities among the worst offenders, the FSCA is poised to gain expanded powers under the COFI Bill.
Arrear contributions: FSCA publishes third list of defaulting employers
A longer annexure of employers who have cleared their arrears or arranged to do so signals the effectiveness of the Authority’s ‘name and shame’ campaign.
FSCA warns against unlicensed financial services providers
The Authority highlights the activities of JLD Investments and Investin Gain Trading.
Shareholder ties don’t lessen FICA compliance obligations
The Appeal Board dismisses an FSP’s argument that its close ties with its sole shareholder reduced the need for comprehensive due diligence.
Banxso v FSCA over links to deepfake adverts
The Authority challenges Banxso’s claim that it is not connected to Immediate Matrix’s deepfake adverts.
FSCA refutes claim of Banxso licence reinstatement amid ongoing investigation
The liquidation application against Banxso claims that the number of clients deceived by the deepfake adverts is far greater than previously reported.
Is the FSCA preparing for auto-enrolment to expand retirement coverage?
After years of stalled progress, the FSCA’s recent comments suggest National Treasury may renew its push for auto-enrolment.
Temporary RE exemption for crypto FSPs extended
The Authority gives crypto asset service providers a seven-month reprieve.
FSCA and PA to revamp funeral insurance regulations – call for stakeholder input
Inputs provided during workshops in 2025 will guide the formulation of ‘a pragmatic and balanced approach’ to the regulation and supervision of funeral insurance.
How the COFI Bill will affect the retirement industry
The ‘imminent’ COFI Bill will introduce the licensing of retirement funds (including public sector funds), stricter board member standards, and enhanced oversight of contributing employers.
Accountable institutions given final deadline for DPI
Following widespread challenges with its e-portal, the FSCA has re-opened submissions for its Directive to Provide Information.
FSCA fines and debars retirement fund administrator’s directors
Fund members lost at least R470m after N-e-FG’s high-risk investments went south in 2021. Now, two of its directors have been fined R30m each.
Online trader fined R1 million and debarred for 12 years
The Authority’s investigation found that most of Lehumo Securities’ client funds were not invested, and returns were paid out from the funds collected.
FSCA investigating Solis Markets following complaints from investors
The Authority also warns about fraudsters impersonating HF Markets, and urges caution when doing business with FXNONSTOP and Tiger Agriculture.
Uncloaking the mysteries of financial sector penalties
The huge penalties imposed by the FSCA and the Prudential Authority raise questions about the clarity and consistency of the factors influencing these fines.
