FAIS Ombud rep levy pushes up an FSP’s total levy bill
As we reported last week, National Treasury has revised some of the levies that FSPs will have to pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill. […]
FSCA
Tribunal doesn’t accept debarred rep’s attempt to walk back admission
The Financial Services Tribunal (FST) as upheld the FSCA’s decision to debar a life insurance representative who admitted that she submitted unauthorised policy applications but subsequently sought to qualify her admission. What is […]
FSCA wants info on commissions paid by credit providers to motor dealers
The FSCA has given motor dealers and financial institutions operating in the vehicle asset finance (VAF) space until the end of June to complete a questionnaire about dealer introductory commissions (DIC). In a […]
Third-party cell captive conduct standard tabled in Parliament
The long-awaited conduct standard “Requirements relating to third-party cell-captive insurance business”, together with the Statement of Need and Intended Operation and the Consultation Report, was tabled in the National Assembly and the National […]
Treasury proposes reducing FSP levies
National Treasury has proposed lowering some of the levies that FSPs will pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill, to reduce the impact on small […]
MPs ask Treasury for report on impact of new financial sector levies
Parliament’s Standing Committee on Finance has tasked National Treasury with producing a report on how the Financial Sector and Deposit Insurance Levies Bill will impact consumers and small entities. Read: FSPs face paying […]
FSCA fines Viva Cover and Comit Technologies
The FSCA has imposed penalties of R110 000 on both Viva Cover (Pty) Ltd and Comit Technologies (Pty) Ltd for contravening various provisions of the General Code of Conduct from November 2013 to […]
Compliance reports don’t have to be submitted this year
The FSCA has decided that compliance officers or FSPs will not have to submit compliance reports this year. This was also the case from 2019 to 2021. This was one of the announcements […]
FSCA reissues exemptions from competency requirements for certain licence categories
In February, the FSCA published FSCA Communication 4 announcing that it is exempting FSPs, key individuals and representatives who operate in the credit life and funeral insurance space from some of the Fit […]
Licensing requirements for trading in derivatives, including CFDs
Having a FAIS licence does not mean that a trading platform can issue over-the-counter (OTC) derivatives, including contracts for difference (CFDs), as principal in South Africa. To do this, the entity must have […]
Retirement funds can use Irba’s revised formats for their financial statements
The FSCA has exempted retirement funds from using the formats in Board Notice 77 when preparing financial statements as long as they use the revised report formats approved by the Independent Regulatory Board […]
FSCA agrees to reconsider R50m fine on Mirror Trading International
The FSCA has agreed to reconsider the R50 million penalty it imposed on Mirror Trading International (MTI) for conducting unregistered financial services business in contravention of the FAIS Act. The Financial Services Tribunal […]
Adding sugar to the Cofi?
Business Day reported on an FSCA briefing for the select committee on finance on Tuesday on the current status of the Conduct of Financial Institutions (Cofi) Bill. “The Treasury is processing the bill. […]
FSPs given until the end of May to complete crypto assets survey
The FSCA has given FSPs until 31 May to complete an electronic survey of their crypto-asset-related activities. The purpose of the survey is to assist the FSCA in obtaining a better understanding of […]
Cash-strapped FSP gets no relief from the tribunal
The Financial Services Tribunal has declined an FSP’s request for reconsideration of the FSCA’s refusal to exempt him from the Fit and Proper Requirements on the grounds of financial hardship. In 2020, George […]
Only 19% of South Africans are insured when funeral cover is excluded
Some 60% of South Africans report having an insurance product, and insurance penetration, measured using premiums as a percentage of GDP, was 13.7% in 2020 – one of the highest in the world, […]
Jump in retirement fund liquidation applications in 2020
The number of retirement funds applying for liquidation increased by 21.5% between 2019 and 2020 because of financial distress as members’ contributions fell when employers cut salaries or laid-off staff and businesses closed […]
