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.
FSCA
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.
Misunderstanding explains consumers’ low trust in insurance, survey finds
It also found that customers’ perceptions of how financial institutions – specifically, their bank – treat them affects their uptake of insurance.
What customers look for when choosing financial products and services
Respondents believe that charges should be for the ‘core’ financial product or service only, with additional features perceived as free add-ons.
Anger, despair, and hope – stokvel members respond to email urging patience
A member of United African Stokvel shares why she invested R200 000 despite her initial misgivings.
‘Unacceptable’ delay in prosecuting hedge fund manager, judge says
Evercrest Capital collapsed 16 years ago after it incurred a huge loss trying to short Sanlam’s shares.
FSCA’s cautions and warnings to the investing public
Use the online search facility on the Authority’s website before conducting financial services business with anyone.
Director’s passport blocked amid efforts to recover Classic’s assets
Claim documents have been sent to creditors as the provisional liquidators take steps to recover assets and secure funds held in the name of Classic Financial Services One.
Criminal investigation into Classic Financial Services and its director gets under way
Investors in Classic Financial Services have been told to wait before filing any further applications for the exclusion of their interest in preserved funds following its liquidation.
FSCA investigating stokvel following tip-off from a whistleblower
Members of United African Stokvel complain about outstanding pay-outs.
