Ombud Council’s first formally tabled report highlights reforms in financial dispute resolution
Key achievements include the creation of the National Financial Ombud Scheme and the new FAIS Ombud Rules.
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ASISA flags ‘problematic’ amendments to two-pot legislation
Funds made different calls on the conditions for the exclusion of provident preservation fund members and the seeding date for members who opt in.
Sasria aims to reintroduce R1bn cover amid rising reinsurance costs
Sasria’s five-year strategic plan includes the reintroduction of R1bn excess of loss cover and expanding its coverage for events such as natural disasters.
Tax on savings component withdrawals benefits low-income earners, says Treasury
The tax structure aims to be progressive, with low-income earners paying little to no tax on withdrawals, while high earners are taxed more.
FSCA and National Treasury urge financial sector to unite on financial education charter
CEOs and other decision-makers have just under three months to provide input on the Draft South African Financial Education Commitment Charter.
Cosatu wants urgent discussions with Treasury over changes to two-pot system
One of its four proposals is to allow members to transfer up to a third of their vested savings to their savings component.
Positive amendments to VAT regulations relating to electronic services
The amendments will relieve offshore companies from VAT registration when supplying services to domestic vendors, aligning SA with global best practice.
Tweaking needed to tighten anti-avoidance rules on loans to trusts
The draft Taxation Laws Amendment Bill addresses a critical anomaly in trust anti-avoidance legislation. By narrowing the transfer pricing exemption, the Bill ensures that only the correct portion of cross-border trust loans escapes double taxation.
Exiting the grey list before June 2025 is unlikely, says Treasury
The FATF did not discuss removing SA from the grey list but focused on the progress the country has made in addressing the 22 Action Items.
Health insurance benefit increases for 2024 published
The annual benefit escalations for policies that fall under the Demarcation Regulations.
Medical schemes assure members that NHI is a long way off
The expected legal challenges to the legislation and the pressure on the state’s finances could delay full implementation of the system for many years.
South Africa eyes stricter reporting laws for cross-border cash movements
Once the draft amendments to the Money Laundering and Terrorist Financing Control Regulations are enacted, failure to submit the required Cash Conveyance Report could lead to imprisonment for up to 15 years or fines of up to R100 million.
Treasury addresses industry’s main concerns about Pension Funds Amendment Bill
An application clause will provide for the Pension Funds Act to prevail over the Divorce Act where the Acts’ provisions conflict.
Welcome news for companies in business rescue
SARS’s discretion to write off temporarily an amount of tax debt while a company is subject to business rescue will be reviewed.
More prosecutions essential to getting off grey list, says Treasury’s Momoniat
The absence of a successful prosecution of anyone named in the Zondo report is a big concern, Business Times reports.
Industry red-flags contradictions between Divorce Act and pension law amendments
The Association for Savings and Investment SA and the Institute of Retirement Funds Africa also call for amendments not related to the two-pot system to be held over.
Key aspects of Treasury’s proposals to reform SA’s financial ombud system
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
