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
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.
Temporary RE exemption for crypto FSPs expires in three months
FAIS Notice 25 of 2023 exempts crypto asset FSPs and KIs from the regulatory examination requirements for 18 months.
FSCA publishes ‘two pots’ guidance for defined-benefit funds
If a fund cannot follow the standard allocation methods, it must apply for FSCA approval to use an alternative, reasonable method.
Government seems to back away from prescribed assets
The FSCA says prescribed assets will compromise the fiduciary duty of retirement fund trustees.
FSCA notices in respect of competency/fee and FAIS Act exemptions
The Authority also agrees to reconsider its decisions to withdraw the licences of four entities.
Proposed conditions for legacy RAs to be exempted from two-pot system
Among other things, funds will have to show that participating in the two-pot system will negatively impact members’ benefits.
FSCA issues alerts of scammers impersonating licensed FSPs
The public is also urged to be wary of doing financial services business with two entities that might not be authorised.
