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Home / Posts tagged “#PrudentialAuthority”

#PrudentialAuthority

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Video interview: New mutual insurer enters the market

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Key regulatory and compliance developments: looking back at 2024 and what’s ahead in 2025

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Issues around Budget 3.0 with tax specialist Louis Botha

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Restarting Ithala: inside the legal tug-of-war over SA’s ‘state bank’

After months in limbo, Ithala resumes limited operations – but its revival faces steep legal and regulatory challenges as the battle over its liquidation and banking status intensifies.

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Ithala resumes operations – but still can’t take deposits

Ithala has been cleared to resume core operations – excluding deposit-taking – while legal battles over its liquidation and frozen R2.47bn in deposits continue.

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R2bn Ithala guarantee sparks row over fiscal risk to KZN

The Minister of Finance’s bailout plan for Ithala’s retail depositors has drawn sharp criticism from KZN’s Finance MEC Francois Rodgers, who warns the deal’s fine print could leave the province footing a hefty bill.

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Ithala’s fate hangs in the balance amid legal battles and funding disputes

Ithala depositors remain locked out of their funds while disputes over frozen accounts, strategic alliances, and government guarantees deepen.

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FICA non-compliance costs bank R10 million

Absa was fined R7m for inadequate customer due diligence and R3m for delays and closures of transaction monitoring alerts.

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Under pressure: navigating the financial regulatory heat in 2025

Financial institutions that proactively embed governance, technology, and culture to meet evolving regulatory standards will not only avoid penalties but also strengthen credibility, build resilience, and drive long term value.

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Judgment clarifies approval of director appointments under the Insurance Act

The High Court confirms a Tribunal decision that the appointment of directors of insurance companies can be regularised retrospectively. It underscores that section 14 of the Insurance Act does not require the Prudential Authority’s pre-approval.

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Court backs FST’s decision to scale down penalty for insurance breach

The judgment confirms that the Tribunal acted within its authority when it reduced a penalty imposed by the Prudential Authority on two state-owned insurers.

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Financial institutions urged to prioritise cyber resilience as Joint Standard takes effect

With Joint Standard 2 on cybersecurity coming into force on 1 June, the Prudential Authority emphasises the need for financial institutions to bolster resilience, share intelligence, and prepare for inevitable cyberattacks.

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Levies and fees weighed as PA prepares to regulate CISs and retirement funds

The PA shared an update on the six workstreams focused on the transition, confirming that they will be ready to regulate CISs and retirement funds by 1 April 2026.

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Godongwana reassures Ithala’s depositors with R2bn guarantee

The minister’s address to the FSCA conference also touched on regulation, South Africa’s G20 presidency, political tensions over the Budget, and economic growth.

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Legal battle over Ithala’s future heats up as liquidation looms

The PA and the repayment administrator accuse Ithala of operating unlawfully – comparing its actions to a Ponzi scheme. Ithala argues the freezing of depositors’ accounts is a calculated manoeuvre designed to collapse its operations.

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KZN Treasury’s R2.4bn loan request raises more questions than answers

As the KwaZulu-Natal government scrambles to keep Ithala afloat, its urgent request for a R2.4 billion loan from National Treasury sparks confusion – especially given an earlier government guarantee.

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PA report contradicts Ithala and KZN Treasury’s solvency claims

A PA-commissioned solvency report questions Ithala’s financial health, raising concerns about its equity, loan book, and potential shortfall in repaying depositors.

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Removal firm fined for offering insurance without authorisation

The FSCA fines Kings International Removers R1.1 million and debars its owner for eight years.

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SIU investigation into Ithala tender unrelated to liquidation bid

Meanwhile, MPs have questioned the SARB’s push to liquidate Ithala, arguing it conflicts with Parliament’s resolution to support the bank’s growth.

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Treasury asks First National Bank to assist Ithala’s SASSA customers

Treasury and SASSA respond to an allegation that Ithala’s client database was ‘unlawfully’ transferred to FNB.

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