FSCA welcomes decision to uphold revised R20m fine on Markus Jooste
‘Conduct of this kind undermines public confidence in financial markets and leads the general public to believe that the system is rigged and unfair,’ Tribunal says.
FSCA
Ombud Council publishes new FAIS Ombud Rules for comment
The Rules increase the limit on the compensation the Ombud can award complainants and provide for changes to the Office’s jurisdiction and procedures.
Tribunal’s decision in Brite case highlights important principles, says FSCA
No way to ‘cure’ soliciting investments in unapproved foreign schemes.
FSCA publishes draft 2024/25 budget for comment
In line with previous financial years, FSPs will be the main contributors to the Authority’s revenue from levies.
FAIS Ombud budgets for more levy income despite 0% increase
The Office can no longer look to the FSCA to make up for any shortfalls in income.
Ombud Council’s 2024/25 budget reflects shift to operational independence
Bridging finance from National Treasury may not be required now that it has certainty of receiving levy and special levy income.
FSCA names employers that owe retirement fund contributions
The document lists 3 262 employers that are at least four months in arrears – and the worst offenders are 20 years behind.
FSP ‘failed to act’ against reps implicated in hundreds of policy fraud cases
Mbalane Financial Services tells the Tribunal it was entitled to wait for a final forensic report from Old Mutual.
Failure to meet Fica provisions costs FSP R400 000
The Appeal Board’s decision underscores the crucial role of risk management and compliance in the financial sector’s battle against money laundering and terrorism financing.
Forex trader seeks to have R20m fine and 20-year debarment reconsidered
Craig Massyn submits the penalties imposed on him were disproportionately large compared to those imposed on the other directors of the Praesidium Group.
New Trustee Training Toolkit will come online in September
A trustee must attain TKK certification within six months from the date of appointment or election to the board.
Investors told to beware amid probe into United African Stokvel
Law firm’s insights shed light on identifying warning signs and creating safeguards within stokvels to prevent misuse and promote trust.
Beware of chancers: FSCA issues warnings against dubious operators
From individuals impersonating the FSCA to falsely presenting themselves as legitimate FSPs, alleged fraudsters are coming at consumers from all sides.
Tribunal rules on Brite’s application to reconsider R10m fine and licence withdrawal
Did the FSCA’s regulatory reach extended to UK pension funds and structures, held offshore, and permitted and regulated by UK and European Union law?
Before you invest … tell-tale signs that a stokvel is not the real deal
Unscrupulous operators are taking advantage of the ‘light touch’ regulation of the stokvel sector. Here’s what you should know about the laws and bodies that govern stokvels.
FSCA to issue a new interpretation ruling on section 37C
Interpretation Ruling 1 of 2020 incorrectly brought an unclaimed benefit within the ambit of section 37C of the Pension Funds Act.
Ombud Council wants to avoid another property syndication complaints scenario
The problems with resolving these complaints also highlight the need to integrate the advice- and the product-related ombud schemes.
