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Tag Archives | Standing Committee on Finance

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Treasury proposes reducing FSP levies

National Treasury has proposed lowering some of the levies that FSPs will pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill, to reduce the impact on small entities. Read: FSPs face paying regulators much higher levies Vukile Davidson, Treasury’s chief director of financial sector policy, told Parliament’s Standing Committee […]

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rands

MPs ask Treasury for report on impact of new financial sector levies

Parliament’s Standing Committee on Finance has tasked National Treasury with producing a report on how the Financial Sector and Deposit Insurance Levies Bill will impact consumers and small entities. Read: FSPs face paying regulators much higher levies Treasury, the FSCA and the Prudential Authority (PA) this week briefed the committee on their responses to submissions […]

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AML

Clock is ticking for SA to avert something ‘worse than junk status’

There will be dire consequences for the economy if South Africa’s measures to combat money laundering and terrorism financing are not brought up to international standards this year, the Financial Intelligence Centre (FIC) and National Treasury told Parliament’s Standing Committee on Finance this week. The FIC and Treasury briefed the committee on the Financial Action […]

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Image auditing

Auditors’ regulator explains R11m irregular expenditure

An internal investigation by the Independent Regulatory Board for Auditors (Irba) uncovered irregular expenditure of almost R11 million, which arose from the regulator’s difficulty in complying with the procurement process when sourcing investigative auditors for “high-profile” cases. Irba acting chief executive Imre Nagy explained to Parliament’s Standing Committee on Finance last week how the irregular […]

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deposit-insurance

Deposit insurance will cost R14 per depositor, says Treasury

The annual costs to fund the Corporation for Deposit Insurance (CoDI) and the Deposit Insurance Fund (DIF) will work out to R14 per qualifying depositor, National Treasury told Parliament’s Standing Committee on Finance on Wednesday during a presentation on the Financial Sector and Deposit Insurance Levies Bill and the related Financial Sector and Deposit Insurance […]

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accounting

FSCA’s forecast income for 2022/23 will leave it with a shortfall

The FSCA forecasts it will have a total income of R949 million in the 2022/23 financial year, while its operating expenditure will be R967m, leaving it with a shortfall of R18m. This emerged during a presentation on Wednesday by National Treasury to Parliament’s Standing Committee on Finance on the Financial Sector and Deposit Insurance Levies […]

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Parliament rejects pension-backed loans amendment

Parliament rejects pension-backed loans amendment

Parliament’s Standing Committee on Finance has rejected a proposed amendment to the Pension Funds Act (PFA) that would allow retirement fund members to take out loans of up to 30% against their pension fund assets. The Pension Funds Amendment Bill was introduced by the DA’s Dr Dion George earlier this year. It sought to remove […]

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progress-report

SCoF Report on Financial Sector Regulation Bill

In its report on the Twin Peaks legislation to parliament, dated 30 November 2016, the Standing Committee on Finance (SCoF) raised a number of interesting issues. International guidelines Whilst commentators expressed criticism about certain matters where it appears that South Africa failed to adhere to international standards, the committee said the following: “In processing the Bill, the […]

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