The Financial Sector Conduct Authority (FSCA) has introduced comprehensive amendments to the FSRA Conduct Standard 1 of 2019 under the Pension Funds Act (PFA), marking a significant step toward enhancing the transparency, accountability and governance of pension fund administrators in South Africa. The 2024 amendments reflect the FSCA’s commitment to ...

The Financial Services Tribunal ('the Tribunal') recently overturned a decision by the Ombud for Financial Services Providers, which had required Futurum Financial Group (Pty) Ltd to pay R800 000 in damages to Christopher Mark Shadwell, heir to the late Dr Tamryn Shadwell. The case arose after the cancellation of ...

Financial Services Tribunal ('FST' or 'the Tribunal')

The following matter was handed down by the FST on 5 November 2024:

• Nel v Office of the FAIS Ombud and Barton Insurance Brokers (Pty) Ltd – (case number: FAB37/2024)

Fast facts

Insurance claim for stolen Fortuner – Secondary tracking device requirement ...

In a recent case before the Financial Services Tribunal, applicant Mziwamadoda Ignatious Mkhuma sought reconsideration of the Financial Sector Conduct Authority's (FSCA) decision to deny a Financial Services Provider (FSP) licence to Muzi Consulting Agency (Pty) Ltd, citing his failure to meet the fit and proper requirements of honesty ...

In 2024, the Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) imposed striking administrative penalties, including ZAR 475 million, ZAR 210 million and ZAR 59 million, on various institutions and individuals for regulatory non-compliance, reports Webber Wentzel. Notably, the late Mr Jooste faced fines for insider trading, Sasfin ...

The Advertising Regulatory Board (ARB) has ruled that Auto & General’s (A&G) commercial depicting the 2017 Knysna fires does not breach the Code of Advertising Practice’s standards on offensive advertising, despite complaints from viewers who found it distressing.

The ad begins with footage of firefighters combating a massive blaze, alongside ...

The Financial Intelligence Centre (FIC) appeal board recently dismissed an appeal from Kunene Ramapala Incorporated, a law firm penalised R7.8 million for failing to meet compliance standards under the FIC Act. Following an inspection in June 2023, the FIC found that the firm had not implemented a risk management ...

The Financial Sector Conduct Authority (FSCA) has issued General Notice 1 of 2024, establishing updated fees for various applications, exemptions and services across South Africa’s financial sector. Effective from 1 October 2024, these fees apply to entities regulated under significant financial legislation, including the Collective Investment Schemes Control Act, Financial ...

Legalbrief Today

The Financial Sector Conduct Authority (FSCA) has issued a warning about FXnonstop (Pty) Ltd that is offering investors returns of 40% per week, reports The Citizen. The company offers trading software for investors and says its ‘cutting-edge software’ will ‘unlock the power of seamless trading’. According to the ...

As Basel III regulations reshape the South African financial landscape, a new study reveals significant implications for non-bank financial institutions (NBFIs) and fintech platforms, according to a report published on the SARB website. The findings highlight both the challenges and opportunities that arise as traditional banks face stricter capital and ...

The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) have announced the implementation dates for two new regulatory standards: Joint Standard 1 of 2024 (Outsourcing by Insurers), effective from 1 December 2024, and Joint Standard 2 of 2024 (Cybersecurity and Cyber Resilience Requirements), effective 1 June 2025. These ...

As new technologies advance and global regulations evolve, the privacy risk landscape is reshaping, presenting significant challenges for organisations aiming to stay compliant and protect sensitive data, reports Marsh in a new analysis. Although many companies have proactively addressed privacy risks, the pace of regulatory change and the adoption of ...

South African authorities are actively addressing the remaining six action items outlined by the Financial Action Task Force (FATF) to exit the grey list, notes a report by Clyde & Co on the Lexology site. National Treasury recently announced that South Africa has largely or fully addressed 16 of the ...

The UK's Financial Conduct Authority (FCA) has imposed a £16 million fine on Metro Bank for significant anti-money laundering (AML) failures related to inadequate monitoring systems. Between June 2016 and December 2020, Metro Bank’s systems failed to properly oversee over 60 million transactions valued at more than £51 billion ...

The Financial Action Task Force (FATF) has revised its greylisting criteria, now focusing on developed countries with sophisticated financial systems capable of impacting the global financial landscape, reports African Law & Business. Announced on 17 October 2024, the change seeks to adjust the compliance burden towards high-income countries, reducing the ...

Two individuals, Raymondip Bedi and Patrick Mavanga, have been convicted in the UK for defrauding over 65 investors out of £1.5 million in a fake cryptocurrency investment scheme, reports Investment International. Between 2017 and 2019, Bedi and Mavanga lured consumers through cold calls and a sophisticated website, promising high ...

Cryptocurrencies are set to enter the mainstream in the United States as former President Trump’s deregulation agenda gains momentum, according to GlobalData’s latest insights. Banking analyst Blandina Hanna Szalay noted that Trump’s vision to establish the US as a 'crypto capital' could significantly increase crypto ownership, reaching previously untapped ...

With the Markets in Crypto-Assets (MiCA) regulation deadline fast approaching, many firms across Europe are racing to align with the new standards, reports Electronic Payments International. MiCA’s requirements encompass broad obligations to monitor, detect and prevent market abuse within the crypto market, posing unique challenges for compliance, particularly for firms ...

A company that fell victim to a cyber scam must now settle its debt to a supplier it mistakenly thought it had paid electronically, reports Pretoria News. In today’s climate, where scams are increasingly prevalent, it is the payer's responsibility to verify the accuracy of bank account details for ...

On 28 October 2024, sixteen international regulators from the Global Privacy Assembly’s International Enforcement Cooperation Working Group (IWEG) issued a Concluding Statement addressing the protection of personal data against unauthorised scraping, according to a report on the Lexology site. This follows the Initial Statement from August 2023, where regulators began ...

South Africa currently ranks 32nd out of 54 countries in terms of cyber security preparedness, as revealed by a recent study from Psono, an open-source password manager. This ranking highlights the nation’s vulnerability in handling data security challenges, with an overall composite score of 19.1, placing it below the ...

Legalbrief Today

The Treasury has released its discussion paper on phase two of SA’s carbon tax design, proposing the adjustments that will be implemented in 2026–35. A Business Day report says while this provides businesses with clarity on effective carbon tax rates they may face, there are concerns the proposed ...

The US Securities and Exchange Commission (SEC) has charged Invesco Advisers, Inc with making misleading claims about the integration of environmental, social and governance (ESG) factors in its investment decisions. The SEC’s findings reveal that between 2020 and 2022, Invesco reported that 70–94% of its assets under management were 'ESG ...

Legalbrief Today

MTI CEO Johann Steynberg was reported to have died in Goiânia, Brazil, in April 2024 by Brazilian media, three-and-a-half years after he fled to the country following the implosion of one of the world’s biggest cryptocurrency scams. However, a visit by Moneyweb last month to the cemetery where ...

President Cyril Ramaphosa’s legal team has attacked the Board of Healthcare Funders’ (BHF) challenge to the National Health Insurance (NHI) Act on technical grounds, asserting that the medical scheme industry association brought its case before the wrong court. According to a Business Day report, the Act faces three separate legal ...

The Western Cape High Court has taken less than a day to lift a preservation order against R100m in bank accounts linked to controversial brokerage Banxso. Acting Judge Susan van Zyl issued the ruling, without reasons, on Friday, according to Fin24. On Thursday afternoon, Banxso had argued in an urgent ...

Brett Paul Trevillian, former director of Metal Alpha Pty Ltd and investment manager at AlphaThorn Pty Ltd, has been sentenced to three years in prison by the Sydney District Court after pleading guilty to forging investment performance reports for investors. Trevillian was found to have falsified reports between April and ...

The UK's FCA has imposed a lifetime ban and a £1 102 879 fine on Leigh Mackey, barring him from the financial services sector for misusing funds owed to insurers and misleading regulators. As the sole director of Inspire Insurance Services Ltd, an insurance broker for the construction industry ...

German and Cypriot authorities, with assistance from Eurojust and Europol, have dismantled 13 fake investment platforms that defrauded German investors of approximately €10 million, reports International Adviser. A coordinated cross-border operation on 4 November 2024 led to the arrest of four suspects in Cyprus, where the fraudulent activities were run ...

By Lee Rossini

Giving financial advice is an intangible service – it doesn’t involve a physical product that clients can see, touch or easily quantify. Instead, it consists of expertise, trust, planning and strategic insights tailored to meet clients’ financial goals. This makes financial advice complex to package, market and ...

The rapid rise of Artificial Intelligence (AI) has revolutionised industries worldwide, enabling advancements that enhance productivity and profitability, reports CMS Law. Yet, AI’s power to simulate human problem-solving also offers advantages to those with malicious intent, notably in the form of 'deep fake' technologies. For the insurance sector, which increasingly ...

Yakhe Kwinana, the former director of South African Airways (SAA), has yet to pay the R6.7 million penalty imposed by the South African Institute of Chartered Accountants (Saica) nearly 19 months ago, City Press reports. Kwinana, known for her controversial remarks at the State Capture Commission, was closely linked ...