Billy Seyffert unpacks 2024’s major compliance changes, from the two-pot retirement system to cybersecurity standards, offering practical advice to stay ahead in 2025.
An investigation found that Greyshore Investments solicited deposits while promising to trade on behalf of investors, without the necessary authorisation.
The FSCA says the scammers are also misusing the FSP number of a Bloemfontein-based financial planning business.
The stokvel misused a significant portion of the money it collected, while the remaining amounts were used to pay purported returns to some investors, says the Authority.
Risk management failings, inadequate customer due diligence, and lack of senior management oversight are key lessons for the industry.
The FSCA also alerts the public to individuals who may be providing financial services without authorisation.
Of the 420 CASP licence applications received, nine were declined, while 106 applications were voluntarily withdrawn.
After more than 20 years, the Authority is withdrawing Circular PF No. 127, which aimed to streamline surplus submissions for retirement funds in the termination process.
The FSCA, National Treasury, and the Pension Funds Adjudicator tell MPs what they are doing to address the non-payment of retirement fund contributions. Regulatory interventions other than COFI may be in the offing.
The FSCA is evaluating whether administration fees are reasonable. If it believes they are not, it will explore whether it is necessary to cap or regulate fees.
Mareo Nel resumed unauthorised forex trading despite signing an enforceable undertaking in 2021.
An entity must be authorised by the FSCA and the Prudential Authority to issue insurance policies in South Africa.
The updated guidelines focus on investor protection, derivatives usage, and strict reporting measures.
58% of South Africa’s municipalities – 149 out of 257 – are behind on their retirement fund contributions, highlighting a growing issue in local government finances.
FSCA plans to issue guidance on what it considers to be a fair and transparent approach to transaction fees.
The FSCA highlights the role of RMCPs in safeguarding financial institutions and the financial system after compliance breaches by two FSPs.
The case illustrates how discrepancies in disclosure can undermine an individual’s suitability for a key role, resulting in the rejection of a licence application.
