Markus Jooste among major offenders as FSCA fines surge
The Authority suspended 1 061 FSP licences in 2023/24, primarily for non-compliance with statutory returns.
FSCA
Two ‘enablers’ of BHI Trust Ponzi scheme hit with 30-year debarments
Craig Warriner’s confession to orchestrating a massive Ponzi scheme has led to 30-year bans for Global & Local’s Michael Haldane and Mauro Forlin.
FSCA to implement fee increase in October
The FSCA will increase the fees it charges for various supervisory activities by 6% from tomorrow, 1 October.
First Steinhoff conviction: insider trader avoids jail but must testify against accomplices
Dr Gerhard Burger, who travelled with Steinhoff directors to oversee their health, pleaded guilty to three counts of insider trading.
Middelburg broker slapped with R1 million fine and 15-year debarment
The FSCA levied a R100 000 penalty on Wenru, the financial services provider implicated in the case.
FSCA warns of fraudulent financial services scams on Telegram
Scammers are using the names of legitimate companies such as RisCura Solutions and Salvo Capital to lure unsuspecting investors into Bitcoin and ‘high-return’ schemes.
Tax on savings component withdrawals benefits low-income earners, says Treasury
The tax structure aims to be progressive, with low-income earners paying little to no tax on withdrawals, while high earners are taxed more.
FSCA wants to know how much two-pot withdrawals are costing members
The Authority is seeking information on how much it costs retirement funds and administrators to adapt their systems for the new two-pot structure.
FSCA and National Treasury urge financial sector to unite on financial education charter
CEOs and other decision-makers have just under three months to provide input on the Draft South African Financial Education Commitment Charter.
Delay in Classic Financial Services investigation: investors demand answers
Significant progress has been made in mapping Classic’s total investor portfolio.
FSCA registers 88% of retirement fund rule amendments
With 748 applications approved and only 98 pending, the Authority says it’s on track to finalise all outstanding matters by the end of the week.
Experts warn of financial literacy crisis, call for co-ordinated action
At the FSCA Financial Education Summit, industry leaders outlined the shortcomings of current financial education efforts and the need for a strategic overhaul.
Retirement funds get exemption from using prescribed section 14 transfer forms
The exemption will apply pending the finalisation of the consultation process on the draft amendments to Conduct Standard 1.
Finance Minister publishes FSP levies for 2024/25
Entities supervised by the FSCA are in for an increase of 6%.
Final legacy RA exemption conditions published
Commentators did not raise any significant concerns in their responses to the draft conditions, the FSCA says.
How Ithala’s licence suspension may affect clients and operations
While Ithala remains operational for existing clients, the search for a new sponsor and regulatory hurdles pose significant challenges.
FSCA warns against Blueway Trades’ forex AI robot and social media tactics
One of the entity’s Facebook posts says it can turn R1 700 into R120 000.
