Proposed conditions for legacy RAs to be exempted from two-pot system
Among other things, funds will have to show that participating in the two-pot system will negatively impact members’ benefits.
FSCA
FSCA issues alerts of scammers impersonating licensed FSPs
The public is also urged to be wary of doing financial services business with two entities that might not be authorised.
Is Jooste’s frozen estate next on the SARB’s radar?
The South African Reserve Bank has seized more than R6 billion from various Ibex Investments accounts, previously Steinhoff.
FSCA alerts funds of consequences if two-pot rule amendments aren’t submitted by 31 July
Funds that cannot pay withdrawals because their rules are invalid must inform members why they may not be allowed to access their benefits.
Accountable institutions urged to note heightened terror-financing risk in SA
Accountable institutions should consider the latest Terror Financing National Risk Assessment when implementing their RMCPs.
FSCA notices in respect of authorisation and competency/fee exemptions
Licence withdrawals and suspensions, and licence suspensions that have been lifted.
Investors demand justice as alleged ‘Ponzi mastermind’ remains free
Victims of the Classic Financial Services scheme express dismay that director Cobus Geldenhuis remains at large amid accusations of defrauding investors.
FSCA provides an update on progress with the move to COFI
The Authority’s latest three-year Regulation Plan does not specify by when the three-phase transition project will be completed.
FSCA releases list of licensed crypto asset service providers
Not meeting the operational ability and competency requirements are the main reasons the Authority rejected licence applications.
Authority highlights regulatory focus areas in 2024
FSCA pinpoints lack of oversight by KIs, FICA non-compliance, and unauthorised copy trading and funeral insurance business.
FSCA to act to recover R495m in fines owed by Jooste
Authority releases report on fines, debarments, investigations, and licence suspensions and withdrawals in 2023/24.
Cybersecurity Joint Standard: commencement date confirmed
Joint Standard 2 of 2024 outlines the measures and best practices financial institutions must adopt to ensure robust cybersecurity.
FSCA Commissioner highlights balance between innovation and regulation
FSCA Commissioner Unathi Kamlana underscores the importance of balancing the costs and benefits of regulation to foster innovation and protect consumers.
Guidelines published on how to file arrear contribution reports
The FSCA says submissions have either not been in the prescribed format or contain incorrect information.
From struggles to success: how Kediemetse Lekhoana turned obstacles into achievements
Enrolled in MBSE’s Advanced Certificate in Financial Planning, the mother of two refused to accept defeat and persevered until she obtained the qualification.
FSCA sets out how benefit transfers must be effected during transition to two pots
The Authority also publishes the proposed changes to the section 14 application forms for public consultation.
Classic Financial Services director and wife’s R66m gambling spree
The estates of the son and former wife of the director of Classic Financial Services have been sequestrated.
