Uncloaking the mysteries of financial sector penalties
The huge penalties imposed by the FSCA and the Prudential Authority raise questions about the clarity and consistency of the factors influencing these fines.
#PrudentialAuthority
FSCA announces proposed levy increase for 2025/26
The increase is below the 6% CPI-related increase permitted by the Levies Act.
HSBC and Bidvest hit with fines for FICA non-compliance
The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
Old Mutual fined almost R16 million for FICA violations
The Prudential Authority discovered the non-compliance during a routine inspection conducted four years ago.
Estate provisionally sequestrated 13 years after pyramid scheme exposed
The High Court places the estate of Adelaide Musa Duma under provisional sequestration for her role in TVI, once SA’s biggest pyramid scheme.
Finance Minister publishes FSP levies for 2024/25
Entities supervised by the FSCA are in for an increase of 6%.
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.
