African Bank pays R500 000 fine for misleading marketing
The advert touted a personal loan as an ‘investment’, contravening Conduct Standard 3’s requirements for clear, fair, and factually correct advertising.
FSCA
No exemptions: all CASPs must adopt ‘travel rule’ directive
The FSCA and the FIC remind CASPs and FSP CASPs of the compliance requirements that take effect on 30 April.
SCA dismisses former hedge fund manager’s bid to stay prosecution
The appeal court upholds the High Court’s finding that neither the prosecutorial delay nor Marc van Veen’s brain-tumour diagnosis warrant a permanent stay.
Five years to finalise an investigation and impose a sanction is ‘unreasonable’
The Tribunal says individuals who are subject to administrative action are entitled to fair processes that include the speedy finalisation of their matter
FSCA moves to simplify RA and preservation fund transfers
In response to industry calls, the Authority has drafted an exemption from the section 14(1) process for retail retirement funds.
FSCA confirms first-day calculation for late-payment interest
The revised interpretation, which reverses the Authority’s earlier guidance, aligns with the Office of the Pension Funds Adjudicator’s view.
Updated regulatory framework aims for ‘fair customer outcomes’ in pension administration
The Conduct Standard outlines a series of updated requirements for benefit administrators, including governance enhancements, risk management protocols, and processes for ensuring fair outcomes for fund members and beneficiaries.
‘Investment scheme’ falsely claims ties to Kallie Kriel and Steve Hofmeyr
The FSCA also warns of scammers impersonating 10X Investments, Prescient, Compsure Insurance, and Viviers Brokers.
Financial institutions urged to prioritise cyber resilience as Joint Standard takes effect
With Joint Standard 2 on cybersecurity coming into force on 1 June, the Prudential Authority emphasises the need for financial institutions to bolster resilience, share intelligence, and prepare for inevitable cyberattacks.
No RMCP, no excuse: FSCA fines three FSPs a combined R735 000
One of the sanctioned FSPs says it’s important to request virtual meetings with the FSCA after each feedback round to ensure all compliance expectations are met.
Updated lists of qualifications for FSPs and representatives released
The FSCA’s latest Notice of the recognised qualifications replaces previous notices from 2021 and 2023.
FIC maps the money laundering, terror financing risks facing SA’s crypto sector
The report outlines the CASP sector’s vulnerabilities and provides guidance on how enhanced compliance and improved risk management can help to safeguard the industry.
FSCA probes complaint processes amid surprisingly low filing rates
A survey shows that only 8% of consumers lodged complaints with financial institutions between 2021 and 2023. Does this figure reflect genuine satisfaction or signal barriers in the complaint process?
Increase in penalty for late insurance returns
The FSCA has raised the maximum daily penalty for late submissions under insurance legislation by 4.39%.
New website will change the way FSPs interact with the FSCA
The revamped website will centralise all regulatory tools and services into one easy-to-navigate platform, making it simpler for FSPs to locate compliance information, verify credentials, and track enforcement actions.
Finalised Conduct Standard for financial education released
In response to stakeholder concerns over increased costs, the FSCA says the requirements can be scaled to each institution’s size and complexity.
Revised draft standard for disclosure of short sales open for comment
The new draft introduces a phased approach, initially focusing on positional reporting to overcome challenges identified in earlier consultations and to enhance oversight of short selling.
