No one is safe: FSCA sounds alarm on a surge in impersonation and investment scams
Fraudsters are increasingly impersonating reputable financial firms and executives to lure investors.
FSCA
FSCA is aligning its work with COFI before the Bill becomes law
The new Integrated Regulatory System will deliver a single, unified view of entities and support an activity-based supervisory model aligned to COFI’s principles.
FSCA issues multiple warnings amid rise in year-end fraud attempts
As festive spending ramps up, the FSCA has issued a string of warnings about impersonators and unauthorised entities preying on consumers.
Infrastructure investor fined R1.7 million for FICA breaches
The FSCA identified serious lapses in Harith General Partners’ risk management, client due diligence, sanctions screening, and employee vetting.
Year-end surge in FSCA warnings: watch out for unauthorised financial offers
The FSCA warns that fraudsters are ramping up, impersonating licensed providers, soliciting unrealistic returns, and even posing as the regulator itself.
Sanlam Collective Investments hit with R10.6m FIC Act penalty
Despite the FSCA’s findings of RMCP gaps, SCI confirms that client funds remain secure and no money laundering or terrorist financing was detected.
FSCA publishes proposed levies and budget for 2026/27
The Authority seeks a 4% increase in levies to fund its operating expenditure, which will rise by 9%.
FSCA collects R119m in fines amid record enforcement year
In response to South Africa’s greylisting, the Authority has grown its AML/CFT team, increased on-site inspections, and ramped up fines.
Old Mutual warns about ‘Trevor Manuel’ deepfake investment pitches
Manuel’s reminder that only authorised individuals can provide financial product recommendations comes as the FSCA warns about four unlicensed entities/individuals.
FSCA opens consultation on draft OMNI-Risk Return
The Authority will host virtual workshops and tailored sessions with industry stakeholders, who have two months to comment on the draft Return.
Funeral provider racks up 12 FAIS Ombud rulings against it
The FSCA revoked Luvuyo’s licence in August after a string of determinations found the firm failed to pay claims and operated without an underwriter.
50% surge in employers in arrears with retirement contributions
Unpaid contributions rose to R7.29bn, and 62% of delinquent employers are in the motor and private security sectors, according to FSCA data.
What the FSCA and retirement funds are doing to tackle arrears
Commissioner Unathi Kamlana is confident that within two years, arrears could be far less of a systemic problem.
FSPs sanctioned for FICA failures – fines totalling R700 000
The FSCA found both firms lacked effective risk management capabilities, including deficient RMCPs, poor customer due diligence, and failures to screen against the sanctions lists.
Trustees sue auditors for R147m over alleged N-e-FG fund mis-investment
The trustees allege Forvis Mazars failed to detect that retirement fund money was not invested according to mandates.
Levies payable to the FSCA set to rise in 2025/26
The proposed amendments will also see increases in the Tribunal levy and the FAIS Ombud’s charge per KI/representative.
Regulators invite comment on draft IT and cyber incident reporting rules
Financial institutions subject to Joint Standards 1 of 2023 and 2 of 2024 are asked to provide feedback by 5 October 2025.
