FSCA fines asset manager R16m for FICA non-compliance
The reasons for the sanction are virtually identical to those that saw the Authority fine an FSP earlier in February.
FSCA
FSCA clears the way for CIS managers to establish retail feeder hedge funds
The 75% investment limit in Board Notice 52 inadvertently excluded the establishment of retail feeder hedge funds as a portfolio style.
Financial services provider slapped with R400 000 fine for FICA violations
Implementing – not merely creating – a Risk Management and Compliance Programme is crucial to ensure compliance with the Act.
What qualifies as an FSCA decision that can be reconsidered by the Tribunal?
The Authority’s findings in respect of an investigation have no legal consequences, the FST says.
Corporate loses R483 million in ‘deepfake’ conference call scam
The 13th Allianz Risk Barometer reveals that deepfake video technology, aimed at facilitating phishing scams, is now readily available online, priced as low as R377 a minute.
Consumers warned of latest social media scammers
The FSCA encourages the public to be cautious of fraudulent schemes on messaging platforms, as they are on the rise.
FSCA wants to know number of personal lines claims in 2023
The information will help the Authority to monitor the extent to which insurers are delivering fair outcomes for consumers.
FSCA’s investigation into Tongaat Hulett accused not unlawful
The Full Bench of the High Court finds that the Authority’s investigating panel did not treat Michael Deighton unfairly.
Centaur, IC Markets, and RCG Markets latest targets of impersonation scams
An offer to assist the investor with recovering her returns from the individuals who defrauded also turned out to be a scam.
FSCA warns public of rising scams on social media platforms
The Authority breaks down the red flags that may indicate a product or scheme is fraudulent.
‘Crowd-farming’ platform co-operating with FSCA over licensing concerns
Livestock Wealth says it was under the impression, based on correspondence with the Authority, that it did not need a licence to sell agricultural assets.
First wave of crypto asset service provider licences nears approval
The FSCA also confirms that one FSP licence has been provisionally suspended as part of its investigation into advisers who may have referred clients to BHI Trust.
What you should know about the FAIS competence requirements
The first in a series of articles that explains the competence requirements for people who want to enter the financial services industry.
Family members in court for alleged multimillion-rand Ponzi scheme
The trio linked to Coin-It Trading were charged with fraud, contravening the FAIS Act and the Banks Act, and with money laundering.
Three FSPs’ licences, branding abused in social media investment scam
The FSCA is also investigating a company that may be selling guarantee insurance without authorisation.
Proposed amendment Bill aims to end funeral cover over-insurance
A review of the entire structure of the funeral class would be a better way to prevent over-selling, says Moonstone Compliance’s Paull Lawrence.
Financial services entities recognised for exceptional HR practices
They are among the 138 South African employers to earn the accreditation of ‘top employer’.
