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.
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.
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.
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.
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.
A PA-commissioned solvency report questions Ithala’s financial health, raising concerns about its equity, loan book, and potential shortfall in repaying depositors.
The FSCA fines Kings International Removers R1.1 million and debars its owner for eight years.
Meanwhile, MPs have questioned the SARB’s push to liquidate Ithala, arguing it conflicts with Parliament’s resolution to support the bank’s growth.
Treasury and SASSA respond to an allegation that Ithala’s client database was ‘unlawfully’ transferred to FNB.
Standard Bank’s compliance failures include the untimely submission of suspicious activity reports and neglecting system alerts.
The High Court confirms the Prudential Authority’s right to challenge Tribunal decisions while affirming the limits of retrospective penalties.
Sava, a fintech startup backed by Access Bank South Africa, has received regulatory approval to launch a digital banking platform tailored to SMEs.
Ithala accuses the appointed repayment administrator of overstepping his authority, while the Prudential Authority moves to liquidate the entity.
The Prudential Authority’s push for Ithala’s provisional liquidation has brought the bank’s journey to an abrupt halt, leaving 257 000 depositors in limbo.
Financial institutions will participate in evaluating improvements to Conduct Standard 3 of 2020, aligning these efforts with the COFI Bill.
Billy Seyffert unpacks 2024’s major compliance changes, from the two-pot retirement system to cybersecurity standards, offering practical advice to stay ahead in 2025.
Inputs provided during workshops in 2025 will guide the formulation of ‘a pragmatic and balanced approach’ to the regulation and supervision of funeral insurance.
