Tribunal: clear separation of first-party and third-party risks within cell structures
The decision clarifies the boundaries and regulations concerning reinsurance business conducted through cell captive structures.
FSCA
FSCA issues directive to funeral service: thousands of clients affected
The Authority instructs Hernell Funerals to cease operating as an unauthorised FSP and insurer.
BHI Trust creditors face a dilemma: double down or stand down
The trustees advise ‘that a contribution will currently be levied against creditors until such time that sufficient recoveries are made for the benefit of creditors’.
Ransomware surge signals growing cybersecurity risks, Aon report warns
A number of high-severity ransomware incidents hit insurers’ books in 2023, Aon South Africa’s 2024 Insurance State of the Market Report says.
Kamlana urges banks to be fair and transparent when closing customers’ accounts
‘Banks should not simply cite reputational risk; reasons must be concrete and consistently applied to prevent what might appear as arbitrary account closures.’
FSCA shares list of currently licensed crypto asset service providers
The Authority responds to media statements by entities claiming to be the first or only licensed institutions.
FSCA’s Charene Nortier was a consummate professional who will be sorely missed
A tribute to a great friend of the industry and a champion of the work that compliance officers do.
Banxso: FSCA to investigate allegations of financial misconduct
The trading platform denies any involvement in the deepfake advertisements that circulated on social media.
Director fined R500 000 for rendering unlicensed financial services
The FSCA found that Shoayb Joosub offered financial services to about 270 Sukuk clients through Anglorand Islamic without being authorised as a representative.
Arrear contributions: publishing employers’ names ‘is having an impact’
Deputy commissioner sets out the FSCA’s priorities for the supervision and regulation of the retirement industry.
Indiberries & Co goes to ground after FSCA warning
The “investment platform” claims to offer investment opportunities in berry farming ventures while promising returns of up to 45% a month.
Unpacking the strategic partnership between the FSCA and B-BBEE Commission
A failure to comply with specific BEE thresholds outlined in transformation plans could lead to the Authority withholding licences.
Jooste’s death raises questions about the fate of seized assets and Steinhoff prosecution
A fiduciary expert discusses the legal complexities surrounding attached assets in the wake of Markus Jooste’s death.
Veracity Markets hit with R10 million fine for unauthorised OTC trading
Nirvesh Financial Services was also penalised for failing to ensure that its representatives, Veracity and its directors, complied with the applicable laws.
FSCA fines MyWealth DIAS and MyWealth Method more than R73m
Investors were promised returns of up to 400%, but there was no legitimate financial product or investment activity, the FSCA says.
FSCA only accepting e-Portal submission of financial statements and returns
The Authority will deem financial statements and other reports as outstanding until they are correctly captured and submitted on the FAIS e-Portal.
CBI director fined R216 million and debarred for 10 years
Coenraad Botha and his wife are facing 64 charges in Namibia related to an alleged illegal investment scheme involving N$163 million.
