How the Authority arrived at a fine of R475 million
Jooste was more blameworthy than others because he deliberately contravened the law and was well qualified to understand his conduct’s implications, the FSCA says.
FSCA
Markus Jooste fined R475m for publishing misleading Steinhoff financials
The FSCA is still waiting for him to make good on the reduced fine of R20m imposed in December 2022 for insider trading.
FSCA to embed ‘consumer vulnerability’ in its approach to supervision and regulation
The Authority’s Statement on Consumer Vulnerability will inform its engagements with stakeholders, starting this year.
Authority fines another FSP for FICA non-compliance
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
An insurer is not a supplier under the Consumer Protection Act
When seeking compensation from an insurer because of alleged third-party negligence, the best course of action is to pursue the matter in court, the National Consumer Tribunal says.
FSCA launches advisory panel to represent retail consumers
The aim of the newly established panel to ensure that the perspectives and concerns of retail financial customers are effectively considered in the Authority’s activities.
It’s ‘business as usual’ for debarred director of Classic Financial Services
A provisional sequestration order for the estate of Classic Financial Services director Jacobus Geldenhuis has been granted.
Global Money Week: promoting financial literacy with MBSE courses
Moonstone Business School of Excellence has three short courses that will improve your money management skills.
Bad analysis feeds mistrust in SA’s financial system, says Kganyago
The governor of the Reserve Bank also says he is confident the country will get off the grey list in 2025.
Increase in penalty for non-submission of insurance returns
The penalty is R8 215 a day, in terms of the Long-term Insurance Act or the Short-term Insurance Act.
Board of Healthcare Funders takes Council for Medical Schemes to task in lawyer’s letter
The BHF raises 10 issues, including the ‘misuse’ of curatorships, whether NHI is informing policy prematurely, and the absence of low-cost benefit options.
Two pots: administrators encouraged to submit draft rule amendments
The FSCA expects to receive a large number of amendments, so it would like to have prior sight of the proposed amendments beforehand.
FSCA aligns waiting periods for funeral policy benefits across insurers
Microinsurers are no longer restricted to imposing a waiting period of three months for a death, disability, or health event resulting from natural causes.
CIS managers warned against breaching the portfolio exposure limits
The exceptions to the exposure limits do not apply when the limits are breached because distributions are re-invested, the FSCA says.
FSP tries to debar another firm’s representative who approached its clients
The FSP conflated the requirements for debarment under section 14 of the FAIS Act with the requirements and procedure for a debarment by the FSCA.
FIC invites comments on its draft risk assessment report for crypto asset service providers
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
FSCA, B-BBEE Commission to work together to advance transformation
The entities will co-operate to improve the level of submission of compliance reports.
