FICA penalties for three financial institutions total R35.6m
The sanctions against Capitec, Ninety One Assurance, and Albaraka arose from inspections conducted between 2021 and 2023.
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FSCA withdraws My Wealth Dias penalty and Coetzee debarment
The regulator will refer Banks Act findings to the Prudential Authority and reconsider action against Charl Coetzee in light of additional information.
New IT and cyber incident reporting template now in effect
The reporting framework requires financial institutions to assess materiality promptly and provide regulators with information even while an incident is being investigated.
Proposed beneficial owner rules bring fresh scrutiny for financial institutions
Institutions will have to identify and verify owners, assess their honesty and integrity at least every two years, and report beneficial-owner information to regulators.
PA proposes higher levies despite budget reduction
The provisional 3.7% increase is based on projected inflation for 2027 and will be revised using the applicable Stats SA CPI measure.
15 years on, TVI scheme still casts a long legal shadow
A couple’s joint estate has been finally sequestrated after the High Court rejected several challenges to the Prudential Authority’s case.
COFI at the heart of FSCA’s 2026 regulation plan
The Authority’s three-year roadmap also outlines upcoming reforms affecting financial markets, retirement funds, payment services, and cross-sector regulation.
Ithala enters next phase as repayment administrator’s role comes under review
As the National Treasury-backed repayment programme for Ithala depositors nears completion, KZN Treasury says the Prudential Authority will review the repayment administrator’s role.
Prudential Authority warns of AI-accelerated cyber attacks
Financial institutions must move beyond monitoring and focus on resilience, containment, and recovery under compressed timelines.
PA publishes revised public disclosure standard for insurers
The revised draft standard sets out detailed qualitative and quantitative public disclosure requirements and is open for comment.
Regulators step in as AI adoption exposes new financial risks
As AI-driven incidents increase, insurers face mounting pressure to replace implicit cover with explicit policies tailored to new technological risks.
Ithala pulled back from the edge, but its future remains in doubt
The Prudential Authority has withdrawn its liquidation bid after progress on depositor repayments, but Ithala is still unlicensed and cannot resume deposit-taking.
Tribunal upholds PA decision on bank’s ‘simulated’ capital transaction
The FST dismisses African Bank’s application to overturn a directive to reverse a R685m intra-group transaction, finding it lacked commercial substance.
Key fintech policy developments to watch in 2026
Regulatory initiatives across payments, digital assets, open finance and embedded finance are expected to progress this year.
Cyber compliance is now a mandatory aspect of an FSP’s risk management
With data breaches costing firms tens of millions per incident, Joint Standard 2 forces financial institutions to strengthen governance, monitoring, and incident response.
Ithala depositor payouts to continue through 2026 with three-year claim window
FNB has disbursed over R1 billion to Ithala customers and is sending about 5 000 SMS notifications per day to schedule branch visits.
Rulings define scope of PA’s powers under transitional insurance laws
The Tribunal and the High Court delivered key decisions emphasising proportional enforcement and the proper use of transitional provisions.
