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. […]
FSCA
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 […]
‘Fit and proper’ exemptions for credit life, funeral insurance FSPs
The FSCA is exempting FSPs, key individuals and representatives who operate in the credit life and funeral insurance space from some of the Fit and Proper Requirements. The reason for the exemptions is […]
‘Embattled life insurer paid for Irvin Jim’s birthday party’
National Union of Metalworkers of South Africa (Numsa) general secretary Irvin Jim scored a R40 000 birthday party, and his daughter a laptop, thanks to a life insurance company owned by Numsa’s workers’ […]
FSCA fines Pioneer FX and Quintin Moorcroft R2m
The FSCA has jointly fined Pioneer FX (Pty) Ltd and Quintin Moorcroft for rendering financial services without authorisation. It has also debarred Moorcroft for 10 years. The Authority said, as a result of […]
Keeping it simple is the solution
Ninety-eight percent of lawyers give the rest of us a bad name, quipped Steven Wright, American stand-up comedian, actor, writer and Oscar-winning film producer. This view was also applied to the financial services […]
No evidence of fraud after investigation, says Oceana
Preliminary feedback from an investigation by ENSafrica Forensics has not uncovered any evidence of fraud or criminal conduct by Oceana’s current or former employees or directors, the JSE-listed fishing group said on Friday. […]
Oceana confirms FSCA investigation
JSE-listed fishing group Oceana confirmed this week that it is being investigated by the FSCA for allegedly issuing false and misleading information. “The company was informed by the Financial Sector Conduct Authority on […]
FSCA clarifies deductions from unit trust portfolios
The FSCA has published a notice that clarifies the costs that can be deducted from a collective investment scheme portfolio, apart from those provided for in section 93(1) of the Collective Investment Schemes […]
Draft standard on retirement fund contributions goes to Parliament
The draft conduct standard on the “Requirements related to the payment of pension fund contributions”, which will replace Regulation 33 of the Pension Funds Act (PFA), was submitted to Parliament in December last […]
Deposit insurance will cost R14 per depositor, says Treasury
The annual costs to fund the Corporation for Deposit Insurance (CoDI) and the Deposit Insurance Fund (DIF) will work out to R14 per qualifying depositor, National Treasury told Parliament’s Standing Committee on Finance […]
FSCA extends exemption on payment for collecting premiums
The FSCA has extended for 12 months, to 31 January 2023, the exemption that allows independent intermediaries to receive compensation, over and above commission, for performing activities that support the direct collection of […]
Tribunal can’t order FSCA to refund Oinvest investor his R346 000
An investor who lost R346 000 while trading on Oinvest has failed in his attempt to have the Financial Services Tribunal order the FSCA to reimburse his loss. He said the FSCA was liable, […]
FSPs face paying regulators much higher levies
FSPs will pay significantly higher levies if the Financial Sector and Deposit Insurance Levies Bill is passed into law in its current form. The Minister of Finance introduced the bill and the Financial […]
