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. […]
FSCA
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 […]
FSCA is concerned about life insurance premium increases
The FSCA says it will continue to ensure that insurers adopt “a fair and balanced approach” towards premium increases, while taking into account the valuable role the insurance industry has played in difficult […]
Investors’ deposits used to pay withdrawals: chief executive fined R10m and debarred
The FSCA has fined the chief executive of Smart Billion Investments R10 million and debarred him for 10 years while another director was fined R500 000 and debarred for five years for contravening […]
Stretching the boundaries beyond credibility
Access to free informal dispute resolution mechanisms was guaranteed to attract the attention of those with nothing to lose. Two recent decisions by the Financial Services Tribunal confirm the lengths to which some […]
FSCA withdraws request for retirement funds to provide information on paid-up members
The FSCA has withdrawn its request for retirement funds to provide it with information, every three months, about their paid-up members and unclaimed benefits. Read: Funds given until 6 May to submit information […]
FSCA to exempt non-life brokers from clawbacks when a policy is voided because of non-disclosure
The FSCA has proposed amending the Short-term Insurance Act regulations to exempt independent intermediaries from commission clawbacks when a policy is voided because of material misrepresentation or non-disclosure by the policyholder. Regulation 5.4 […]
Auditor accused 3Sixty managers of ‘constructing evidence’
With new acting CEO Khandani Msibi at the helm in 2021 it might have seemed that the problems plaguing 3Sixty Life, the insurer owned by the National Union of Metalworkers (Numsa), would be […]
Funds given until 6 May to submit information on paid-up members
The FSCA is ramping up its efforts to trace unclaimed benefits and wants retirement funds and administrators to provide it with information, every three months, about their paid-up members, in addition to information […]
How Numsa’s life insurer went insolvent
In September 2020 the cracks in the finances of 3Sixty Life, the life insurer wholly owned by the National Union of Metalworkers of SA (Numsa) through the Numsa Investment Company, started to show. […]
CMM curators still waiting for prosecutions
The National Prosecuting Authority (NPA) has yet to take action against those responsible for the losses incurred by investors in Corporate Money Managers (CMM), although the matter was brought its attention in 2017. […]
FSCA publishes draft conduct standard on benchmarks
The FSCA has published a draft conduct standard on the requirements for providing a benchmark in South Africa. This follows the publication in September last year by National Treasury of draft regulations that […]
Millions of rands siphoned from Numsa’s insurance company, report shows
Millions of rands in insurance premiums paid by members of the National Union of Metalworkers of SA (Numsa) were siphoned from life insurer 3Sixty Life to prop up other Numsa-owned companies between 2017 […]
FSCA will use its enforcement powers to promote transformation
The FSCA has outlined how it intends to promote transformation in the financial sector, both now and, more importantly, once the Conduct of Financial Institutions (Cofi) Bill becomes law. This week, the Authority […]
