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Contingent Business Interruption – FSCA seeks declaratory order

Further to previous publications by the Financial Sector Conduct Authority (FSCA) on the problematic issue of Contingent Business Interruption (CBI), the Authority has now published details of its letter to non-life insurers on the matter. The insurers have expressed concerns with regard to “…arbitration proceedings, the ambit of existing court proceedings and rulings and possible […]

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Tribunal reduces METCI penalty by 70% – Finds that fund did not act recklessly

The Financial Services Tribunal has just handed down its decision on an application by MET Collective Investments (Pty) Ltd (METCI) for a reconsideration of an order made by the Financial Sector Conduct Authority (FSCA) in September 2019. Originally the FSCA imposed a penalty of R100 million for contraventions of the Collective Investment Schemes Control Act and […]

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Requirements for re-opening your business – Moonstone developed comprehensive set of guidelines

The phased reopening of South Africa’s economy after COVID-19 lockdown comes with strict requirements. Every business will have to adhere to detailed health and safety protocols to protect their employees, and plans will also have to be put in place for disease surveillance and to prevent infection. Moonstone’s latest product offers peace of mind in […]

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Life cover options – Keep client informed of options

In his latest address to the nation, the President said some economic activity will be allowed to resume, subject to extreme precautions to limit community transmission and outbreaks, and some businesses will be allowed to resume operations under specific conditions. Although some restrictions are lifted and, over time, we might move to Phase 1, the long-term […]

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Lockdown

Where does the National Lockdown leave FSPs?

Annexure B to the supplementary regulations published in respect of the National Lockdown includes the term “Insurance services” in the list of essential services. This term is unfortunately not defined anywhere further in the regulations or the empowering legislation and that leaves FSPs in the dark about where their services fit in. In the absence […]

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Pension Benefits – Permissible deductions where fraud is alleged

A recent determination by the Financial Services Tribunal concerned the PFA’s order to release withdrawal benefits to employees. The employer challenged this decision as it originally withheld the benefits based on a disciplinary inquiry into allegations of soliciting and taking bribes against the two employees. What does the Pension Fund Act say? Section 37D(1)(b) of […]

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