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 […]
As we reported last week, National Treasury has revised some of the levies that FSPs will have to pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill. Read: Treasury proposes reducing FSP levies During the meeting of Parliament’s Standing Committee on Finance, when Treasury announced the revised levies, MPs […]
National Treasury has proposed lowering some of the levies that FSPs will pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill, to reduce the impact on small entities. Read: FSPs face paying regulators much higher levies Vukile Davidson, Treasury’s chief director of financial sector policy, told Parliament’s Standing Committee […]
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 on Wednesday during a presentation on the Financial Sector and Deposit Insurance Levies Bill and the related Financial Sector and Deposit Insurance […]
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 Council for Medical Schemes (CMS) has already implemented a number of recommendations arising from the Special Investigating Unit’s investigation into alleged misconduct by its employees, and it plans to increase its tariffs for regulatory services. CMS chief executive Dr Sipho Kabane told Parliament’s Portfolio Committee on Health that the SIU indicated in October that […]
Yesterday, the FSCA published the 2020 levy notice. With compliments of our colleague Paull Lawrence, here are two levy calculators to establish what your obligation will be: FSP levy calculator Sole Prop levies A summary of the updated levies: Category I or IV FSP (a) A base amount of R3 682; and (2019: R3 575) (b) […]
Last week the FSCA published the 2019 levy notice. With compliments of our colleague Paull Lawrence, here are two levy calculators to establish what your obligation will be: FSP levy calculator Sole Prop levies A summary of the updated levies: Category I or IV FSP (a) A base amount of R3 575; and (2018: R3 […]
The FSCA has published the 2019 levy notice: Category I or IV FSP (a) A base amount of R3 575; and (2018: R3 373) (b) KI/Rep x R570 (2018: R538) Category I or IV FSP (1.1 and/or 1.19 only) (a) A base amount of R3 575; and (2018: R3 373) (b) KI/Rep x R250 (2018: […]
According to Pam Saxby of Legalbrief Policy Watch, the FSCA has called for input by 21 June 2019 on proposed levies for the 2019/20 financial year to be imposed on a raft of affected institutions. This includes: pension funds, their administrators and adjudicators; retirement annuity funds; friendly societies; short-term insurers and Lloyd’s underwriters; long-term insurers; intermediaries; collective […]
