The FSCA has proposed increasing its levies by about 5% this year. Although the percentage increases for most of the variables used to calculate the total levy are higher than those contained in the Financial Sector and Deposit Insurance Levies Bill percentage, FSPs will not pay as much as would have been the case if […]
The FAIS Ombud this week issued a media release encouraging medical scheme members to lodge a complaint with her office if they believe they have been “financially prejudiced” by a healthcare broker’s advice. The office lamented the fact that it receives “a negligible number” of complaints about medical scheme brokers, although it has the jurisdiction […]
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 Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Bill in the National Assembly on 20 January. The bills provide for […]
The FSCA is now giving licensed financial institutions, including FSPs, until 31 January to verify or update their profile information on the FSCA’s e-portals. The authority issued the request for information in October last year, with a deadline of 15 December. After receiving numerous requests for an extension, the FSCA has moved the deadline to […]
The FSCA recently sent out a notification informing financial institutions – “data subjects” in the parlance of POPIA – that it will “continue taking necessary measures to safeguard the personal information it processes to ensure compliance to relevant sections of POPIA”. As those who have undergone the FSCA’s licensing process well know, the FSCA holds […]
Licensed financial institutions, including FSPs, have until December 15 to verify or update their profile information on the FSCA’s e-portals. However, they might be experiencing some problems in completing this task, because several glitches on the e-portals have come to Moonstone’s attention. These have been reported to the FSCA. The call for these updates stems […]
Annexure B to the supplementary regulations published in respect of the National Lockdown includes the term “Insurance services” in the list of essential services. This term is unfortunately not defined anywhere further in the regulations or the empowering legislation and that leaves FSPs in the dark about where their services fit in. In the absence […]
