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06 December 2019 Financial Service Intelligence Watch

Legislative Changes and Developments


Carbon tax allowance regulations take shape

Regulations giving practical effect to s 13 (offset allowance) of the 2019 Carbon Tax Act, were gazetted last Friday and are deemed to have become applicable on 1 June 2019, when the Act came into force. CompliNEWS contributor Pam Saxby reports that they were followed on Tuesday by the release ...

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News from the Regulators


FSCA warns the public against Prestige Burial Services (Mabopane) CC

The Financial Sector Conduct Authority (FSCA) has warned the public to act with caution when dealing with Prestige Burial Services (Mabopane) CC. The FSCA received information that Prestige Burial Services (Mabopane) CC sells funeral covers to the public without a long-term insurer underwriting the said policies.

Prestige Burial Services (Mabopane ...

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FAIS Workshops 2020 – registration commenced 3 December 2019

The Financial Sector Conduct Authority (FSCA) will host a series of workshops in early 2020 to help industry understand how to comply with the requirements of the FAIS (Financial Advisory and Intermediary Services) Act. The free event will be held at the following venues:

  • Cape Town on 6 February 2020 ...
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Relevant Rulings


FST case summary involving Weir and FNB Pension Fund

By Shamaa Sheik

The following matter was heard in the Financial Services Tribunal on 16 November 2019:

  • Angus Robert Weir (Applicant) and FNB Pension Fund (1st Respondent); Momentum Retirement Administrators (2nd Respondent); and Wesbank Division of First National Bank Ltd (3rd Respondent) and Pension Fund Adjudicator (4th Respondent) – case ...
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Local News


'Hurting' Old Mutual ready to settle with Moyo

Legalbrief Today Issue 4840

Old Mutual, whose shareholders have lost about R17bn in value since the company first suspended former CEO Peter Moyo, said it may take years before it recovers from the reputational damage caused by the saga. It also said that it was open to a settlement. The ...

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International News


Law firm director struck off for misleading clients

A former law firm director in the UK misled clients for six weeks about the progress of their case because he was too ‘embarrassed’ to admit he was struggling, a tribunal has heard. According to a Law Gazette report, Rodney Etherington, a solicitor for 12 years, admitted acting dishonestly when ...

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Apple pays $467K to OFAC for sanctions violations

Michael Volkov (on the Corruption, Crime and Compliance blog)

Even the mighty can fall – Apple agreed to pay OFAC $467k for violations of the Foreign Narcotics Kingpin Sanctions regulations.

In 2008, Apple entered into an applications development agreement with SIS, a Slovenian company.  SIS and its director and ...

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Working Smart


Acting during an emergency or crisis

By Lee Rossini

An emergency or crisis can appear in any number of different guises and unfortunately, we may not be prepared to deal with every incident. Deena Katz, a well-respected authority in the USA financial services space, has described the guidelines that should be followed in an emergency or ...

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Working Smart

By Lee Rossini

An emergency or crisis can appear in any number of different guises and unfortunately, we may not be prepared to deal with every incident. Deena Katz, a well-respected authority in the USA financial services space, has described the guidelines that should be followed in an emergency or crisis. She suggests that business continuity plan should be divided into two action plans; one for during a crisis and one for after the crisis. 

  

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