Finance Minister publishes FSP levies for 2024/25
Entities supervised by the FSCA are in for an increase of 6%.
#PrudentialAuthority
How Ithala’s licence suspension may affect clients and operations
While Ithala remains operational for existing clients, the search for a new sponsor and regulatory hurdles pose significant challenges.
SARB sanctions insurers and bank for FICA breaches
The non-compliance was discovered during inspections by the Prudential Authority in 2020 and 2022.
Sasfin fined R160m for ‘non-compliance’ by discontinued forex business
The bank also faces a R4.9bn claim arising from SARS’s alleged inability to collect taxes and penalties from former foreign exchange clients.
SARB sanctions life insurer for FICA non-compliance
The effective fine of R7 million and other sanctions follow an inspection conducted four years ago.
FSCA provides an update on progress with the move to COFI
The Authority’s latest three-year Regulation Plan does not specify by when the three-phase transition project will be completed.
Authority highlights regulatory focus areas in 2024
FSCA pinpoints lack of oversight by KIs, FICA non-compliance, and unauthorised copy trading and funeral insurance business.
Cybersecurity Joint Standard: commencement date confirmed
Joint Standard 2 of 2024 outlines the measures and best practices financial institutions must adopt to ensure robust cybersecurity.
SARB sanctions global bank for FICA non-compliance
The sanctions follow an inspection of the Bank of China’s Johannesburg branch three years ago.
New Joint Standard to regulate insurers’ ‘material’ outsourcing activities
The standard, which replaces GOI 5, governs outsourcing by insurers from a prudential and a conduct perspective.
Cybersecurity Joint Standard: Authorities announce likely commencement date
The FSCA and PA urge financial institutions to prepare for the standard’s implementation despite the provision for a transitional period.
Old Mutual gets green light from Prudential Authority for new bank
The group is shifting from ‘bank-build mode’ to a testing phase with select banking partners.
Board of Healthcare Funders takes Council for Medical Schemes to task in lawyer’s letter
The BHF raises 10 issues, including the ‘misuse’ of curatorships, whether NHI is informing policy prematurely, and the absence of low-cost benefit options.
Corporate loses R483 million in ‘deepfake’ conference call scam
The 13th Allianz Risk Barometer reveals that deepfake video technology, aimed at facilitating phishing scams, is now readily available online, priced as low as R377 a minute.
Proposed amendments to Long-term Insurance Act stir debate and industry adaptation
A Sanlam insurance law expert discusses the implications of the proposed Long-term Insurance Amendment Bill for insurance companies and the public.
Cloete Murray was looking into Constantia Insurance – Business Day report
The insolvency specialist was fatally shot two days after filing an urgent application to initiate a section 417 inquiry, the publication says.
Proposed amendment Bill aims to end funeral cover over-insurance
A review of the entire structure of the funeral class would be a better way to prevent over-selling, says Moonstone Compliance’s Paull Lawrence.
