The Select Committee on Finance considered and adopted the Pension Funds Amendment (PFA) Bill and the accompanying Committee Report.

The objective of the Bill is to amend the Pension Funds Act (PFA) of 1956, the Post and Telecommunications Related Matters Act (PTRMA) of 1958, the Transnet Pension Fund Act (TPFA) of ...

DA MP Glynnis Breytenbach has, by notice in the Government Gazette, announced that she intends to introduce to Parliament the Constitution Twenty First Amendment Bill, 2024, reports Wyndham Hartley for CompliNEWS.

She announced that the proposed Bill will, when passed, establish an Anti-Corruption Commission as a Chapter 9 institution which, like ...

The decision to amend legislation to allow people to withdraw their pension savings early may come as a welcome lifeline for some, but trade union Solidarity has criticised the ‘rushed pace’ of amendments contained in the Pension Funds Amendment Bill. According to a Saturday Star report, Solidarity believes that forging ahead with ...

In the May 2024 issue of Financier Worldwide Magazine, the topic of environmental, social, and governance (ESG) risks in financial services was extensively discussed with experts Anthea Bowater from Freshfields Bruckhaus Deringer and Myron Mallia-Dare at Miller Thomson LLP. Their insights shed light on the current state of ESG priorities ...

Ahead of the new anti-greenwashing rule taking effect on 31 May, the UK's Financial Conduct Authority (FCA) has issued guidance to support the industry in meeting these standards. This initiative aims to protect consumers by ensuring that sustainable products and services are accurately represented.

The latest Financial Lives survey ...

The World Bank is advising National Treasury on a climate risk strategy after floods in recent years caused billions of dollars of damage. SA may take out climate insurance or establish a contingency fund to deal with major adverse weather events, a source told Moneyweb. Municipalities could also be incentivised ...

Legalbrief Today

Nedbank has revealed it has closed more than 190 suspect client accounts in 2023 due to reputational concerns. The bank revealed this in its 2023 integrated report, which was published on Thursday, according to Fin24. The report also showed Nedbank lost R50m even after insurance recoveries due to internal ...

In a startling revelation, a report from the Financial Intelligence Centre (FIC) highlights potential abuses within South Africa's non-profit sector, involving the illegal channeling of funds to extremist groups in Syria and Indonesia. The FIC, supported by European Union funding, has raised concerns over South African non-profit organisations (NPOs ...

The South African government, in collaboration with private sector partners, has published a groundbreaking report on terrorist financing risks within the non-profit organisation (NPO) sector. The report, unveiled over two days starting from the 18th of April, introduces focused, proportionate, and risk-based measures to mitigate the threats identified.

This sector ...

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

The following matter was handed down by the Tribunal on 22 April 2024:

• Reshika Ramdas (Applicant) and Discovery Connect Distribution Services (Respondent) – (case number: FSP54/2023)

Fast facts

Reconsideration application under section 230 of the Financial Sector Regulation Act 9 of 2017 ...

Financial Sector Conduct Authority (FSCA)

The following administrative penalty order was handed down by the Financial Sector Conduct Authority on 19 March 2024:

• Financial Sector Conduct Authority (FSCA) and Markus Johannes Jooste – investigation number: 369a

Fast facts

Administrative penalty – Jooste made and published false, misleading and deceptive financial ...

Financial Sector Conduct Authority (FSCA)

The following matter was handed down by the Financial Sector Conduct Authority on 19 March 2024:

• Financial Sector Conduct Authority and Dirk Bernd Schreiber – Investigation number: 369a

Fast facts

Administrative penalty – Schreiber indirectly made and published false, misleading and deceptive financial statements regarding ...

Following its press release regarding Immediate Matrix on 19 December 2023 (link to press release), the Financial Sector Conduct Authority (FSCA) has informed the public that it is currently investigating potential breaches of financial laws by Banxso (Pty) Ltd (Banxso). Banxso is recognised as a Category I financial services provider ...

The Prudential Authority has granted Old Mutual initial approval to launch a bank, subject to certain conditions. A Fin24 report says Old Mutual plans to call its new lender OM Bank, which completed its infrastructure and digital platform build at the end of last year. ‘We are extremely pleased to ...

The Financial Sector Conduct Authority (FSCA) has established new procedures and requirements for licensing benchmark administrators, under the Financial Sector Regulation Act 9 of 2017. This development, detailed in a recent notice by Deputy Commissioner Katherine Gibson, outlines the structured approach for applications, effective from the date of publication in ...

In a significant development for the financial sector, Nirvesh Financial Services Pty Ltd, along with its key individuals Ms Madhubala Lila Patel and Mr Bhavesh Patel, have entered into an enforceable undertaking with the Financial Sector Conduct Authority (FSCA). This agreement, guided by section 151 of the Financial Sector Regulation ...

In a critical regulatory development, NMG Holdings (Pty) Ltd and its sole director, Gundo Negukhula, have entered into an enforceable undertaking with the Financial Sector Conduct Authority (FSCA), pursuant to section 151(1) of the Financial Sector Regulation Act, 2017. This move comes after an investigation by the FSCA into ...

At the Law Society of SA's (LSSA) annual general meeting this past weekend, it was revealed that lawyers are now being perceived similarly to estate agents in terms of compliance issues. This comparison emerged as a major topic of discussion, especially in light of South Africa's risk of ...

The Road Accident Fund (RAF) recently faced a significant legal setback when the Gauteng High Court in Pretoria ruled against its attempt to change the accounting standards used to compile its annual financial statements. This move, which had dramatically reduced its liabilities by 90% from R331 billion in 2019/20 ...

The Gauteng High Court in Johannesburg has handed down a severe sentence to the leader of a tax fraud syndicate that conned the South African Revenue Service (SARS) out of nearly R100 million, reports News24. The mastermind, Jeremiah Dube, 65, received an effective 65-year prison term. The syndicate falsely claimed ...

By James George

The Financial Sector Regulatory Authority (FSRA) on St Helena, including Ascension and Tristan da Cunha, is steadfast in its mission to maintain the islands as a well-regulated destination for financial services. This commitment is reflected through rigorous efforts to protect consumer interests, ensure adherence to legal and ...

In the face of a cost-of-living crisis and projected slow economic growth, financial institutions are currently navigating through a particularly challenging period. The focus is increasingly on maintaining excellent customer service to avoid losing clients and ensuring operational efficiencies to safeguard profits.

According to research by Finextra one crucial strategy ...

By Lee Rossini

Identifying and focussing on certain niche markets offers opportunities for financial advisers willing to delve deeper into specialised segments. But what are niche markets, and what role can they play in a financial advice business? At its core, a niche market refers to a subset of a ...

Legalbrief Today

Financial Sector Conduct Authority (FSCA) Commissioner Unathi Kamlana has urged banks to reflect on whether the prevailing common law position relating to closure of customers’ accounts is fair to clients. Business Day reports that Kamlana told the Banking Association SA’s Banking on Ethics Conference that because the ...

The Department of Communications & Digital Technologies in South Africa has released a discussion document aimed at sparking dialogue between public and private sectors on artificial intelligence (AI) innovation. According to Preeta Bhagattjee and Savanna Stephens of Werksmans Attorneys, this document marks the first step towards establishing a national AI ...

The Financial Sector Conduct Authority (FSCA) has issued a clarification concerning the licensing of crypto asset service providers (CASPs) under the Financial Advisory and Intermediary Services (FAIS) Act, No. 37 of 2002. This comes in response to various media statements by certain institutions claiming to be the first or only ...

The Financial Sector Conduct Authority (FSCA) has issued a warning to the public regarding a group of individuals operating under the name 'Coin Max', who falsely claim to be linked with Bybit FTZE. The FSCA has become aware that these individuals are promising unrealistic returns on investments in crypto assets ...

The Financial Sector Conduct Authority (FSCA) has announced the approval and licensing of 75 institutions as crypto asset service providers (CASPs) under the Financial Advisory and Intermediary Services (FAIS) Act, No. 37 of 2002, as of April 2024. This list is now accessible on the FSCA’s website, ensuring transparency and ...

The Information Regulator, a critical body established under the Protection of Personal Information Act (POPIA) of 2013, has taken a significant step towards improving compliance with the Promotion of Access to Information Act (PAIA) of 2000. In its ongoing efforts to ensure that both public and private entities uphold the ...

The Namibian Financial Institutions Supervisory Authority (NAMFISA) has announced the second edition of the FinTech Square, set to take place on 10 and 11 May 2023 in Windhoek, Namibia. This event, recognised as NAMFISA's innovation hub, is aimed at gathering both local and international experts alongside innovators to delve ...

Since 2020, the African private equity and venture capital landscape has experienced both gradual and abrupt shifts, fueled initially by low interest rates leading to a boom in private capital deals in 2021 and 2022, which totaled USD 7.4 billion and USD 7.6 billion respectively. However, by 2023 ...