Bid to challenge the liquidation of transport provident fund fails
Whistleblower asserts that members’ money was stolen, although a forensic investigation found no evidence of this.
FSCA
FSCA proposes a central fund to tackle R88bn in unclaimed assets
The FSCA has proposed establishing a single central unclaimed assets fund into which all unclaimed assets should be transferred. This is one of 13 recommendations in its discussion paper on unclaimed assets, which […]
Financial institutions may hold far more than R88bn in unclaimed assets
An estimated R88.56 billion in unclaimed assets are held by institutions across the financial sector. However, the FSCA says the amount might be far higher because there is no common understanding of what […]
FSCA sets out requirements for an FSP to be considered financially sound
The FSCA this week published a media release providing a short summary of the content covered in its financial soundness workshop for FSPs that collect premiums or hold assets. The online workshop was […]
‘Honesty and integrity’ requirement now applies to the significant owners of FSPs
The publication of the final amendments to Joint Standard 1 of 2020 by the FSCA means that the significant owners of FSPs must now comply with the honesty and integrity requirement from which […]
Make yourself traceable by retirement funds that may owe you money
There are things former retirement fund members and their beneficiaries can do to make it more likely they will be paid an unclaimed benefit due to them. By the end of last year, […]
JSE gets the green light to list actively managed ETFs
The FSCA has approved amendments to the JSE’s Listings Requirements to enable the listing of actively managed exchange-traded funds (ETFs). The approval was published in the Government Gazette on 9 September, and the […]
FSCA extends professional indemnity and fidelity insurance exemptions
The FSCA last week published two notices relating to the guarantee, professional indemnity (PI) and fidelity insurance (FI) exemptions granted to certain types of FSPs. The FSCA has once again extended, to 31 […]
Praesidium’s directors, key individuals fined millions of rands and debarred
The FSCA has fined the directors of the Praesidium Group a total of R29 million and debarred them for between 10 and 20 years after its investigation into the group’s entities found they […]
FSCA to host online workshops on financial soundness for FSPs
The FSCA will this month hold online workshops on financial soundness for FSPs and on an upcoming survey. The Authority said there will be two workshops on financial soundness, according to the type […]
5% levy increase for FSPs gazetted
FSPs will pay 5% more in levies in the 2022/23 levy year than they did in 2021/22, as the FSCA has rejected calls from some stakeholders to implement a lower increase. Our columnist, […]
FSCA clarifies notification of Fica sanctions
In last week’s Moonstone Monitor, we published an article titled “FSCA publishes notices issued to FSPs for Fica non-compliance”. The article stated that the FSCA had informed subscribers to its communications that it […]
FSP fined R50 000 for publishing incorrect information
The FSCA this week announced it has fined KEB Prosperity (Pty) Ltd R50 000 for contravening the FAIS Act for three months of last year. In a statement, the Authority said an investigation found […]
The past four years have not been kind to independent financial advisers
General Notice 1258 of 2022 – Levies on Financial Institutions was published on 29 August and effectively put paid to any further concessions from the regulator to alleviate the plight of an industry […]
New accountable institutions will be given time to bed down Fica compliance
The Financial Intelligence Centre (FIC) will work with entities that become accountable institutions in terms of the amendments to the Financial Intelligence Centre Act (Fica), to help them bed down compliance with the […]
FSCA publishes notices issued to FSPs for Fica non-compliance
Last week, the FSCA informed subscribers to its communications that it has published, on its website, the notices of administrative sanctions that it issued to 11 FSPs for non-compliance with the Financial Intelligence […]
FSCA wants ownership reports from certain FSPs and CIS managers
Hot on the heels of its proposed amendments to Joint Standard 1 of 2020 pertaining to the significant owners of FSPs, the FSCA has asked for reports from certain FSPs and collective investment […]
