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.
FSCA
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.
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 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.
