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Financial Services Intelligence Watch
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18 January 2020 Financial Service Intelligence Watch

Legislative Changes and Developments

FSCA releases RDR status update and various discussion papers

The Financial Sector Conduct Authority (FSCA) has released several papers relating to Retail Distribution Review (RDR). The FSCA’s predecessor, the Financial Services Board, published its RDR discussion document (initial RDR document) in November 2014, proposing a number of wide-ranging reforms to the regulatory framework for financial advice and the distribution ...

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Comment sought on FIC compliance communications

The Financial Intelligence Centre (FIC) released two draft compliance communications last month for comment by 20 January 2020, CompliNEWS contributor Pam Saxby reports. According to an accompanying media statement, the draft communication on accessing information submitted to the FIC explains the process to be followed by any other supervisory body ...

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News from the Regulators

Update on public warning regarding Karatbars International GmbH

On 11 November 2019 the FSCA issued a warning regarding Karatbars International GmbH not being registered as an authorised Financial Services Provider. The company (based in Germany) has subsequently made representations to the FSCA indicating that it markets two products in South Africa, one being the sale of gold bullion ...

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Enforcement News

SA banks fined over money-laundering control weaknesses

The Reserve Bank has imposed administrative sanctions on five banks and directed them to take remedial actions. The five are Standard Bank SA, GroBank (formerly SA Bank of Athens), Ubank, Bank of China (Johannesburg branch) and HBZ Bank, says a Fin24 report. The SARB said it found weaknesses in each ...

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Shoprite fined R1m for reckless lending

Legalbrief Today Issue 4854

Shoprite has been fined R1m by the National Consumer Tribunal for breaching the National Credit Act after it was found to have lent recklessly to vulnerable consumers. The judgment was handed down in the Gauteng High Court (Pretoria) in December and publicised on 14 January 2020 by the ...

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Relevant Rulings

Local News

Adviser category, remuneration proposals out for comment

Input is sought by 31 March 2020 on a discussion paper proposing ‘a previously mooted variation of the two-tier model’ for categorising financial advisers, reports CompliNEWS contributor Pam Saxby. Released in December 2019, but only recently posted on the Financial Sector Conduct Authority (FSCA) website, the document updates stakeholders and ...

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Survé companies censured over late audited statements

Legalbrief Today Issue 4847

AYO Technology Solutions and its parent company African Equity Empowerment Investments (AEEI), both controlled by Independent Media boss Iqbal Survé, have been censured by the JSE for not publishing audited financial statements within four months of their financial year-end. A Business Day report points out listed ...

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WhatsApp scam alert

Scammers are separating helpful South Africans from their money in what appears to be a wave of fraud that relies on hijacking WhatsApp accounts – and then simply asking for money. Business Insider reports that they first take control of a victim's phone number, usually by porting the number ...

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International News

Judge dismisses sacked Deloitte partner's challenge

Legalbrief Today Issue 4849

A partner at Big Four accountancy firm Deloitte who was sacked for alleged bullying and large expenses claims has been ordered to pay £125 000 in legal costs for a one-day trial, after his challenge to the dismissal failed. According to a Law Gazette report, David ...

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UK brings major anti-money laundering reforms

Legalbrief Today Issue 4850

Major changes to UK anti-money laundering and counter terrorist financing regulations will begin to take effect from 10 January. An report notes that the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (the MLR 2019), which were laid before Parliament shortly before Christmas, implement ...

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UK's FCA becomes AML and CTF supervisor of UK cryptoasset activities

The Financial Conduct Authority (FCA) in the UK is now the anti-money laundering and counter terrorist financing (AML/CTF) supervisor for businesses carrying out certain cryptoasset activities under the amended Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs).
Any UK business conducting specific cryptoasset activities falls within ...

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Working Smart

Selling a business

By Lee Rossini

Once you have made the decision to sell a business, it is to your advantage to ensure that it is a planned rather than a forced sale. Timing is critical to getting the best deal possible; this means managing the business in a manner that it is ...

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Working Smart

By Lee Rossini

Once you have made the decision to sell a business, it is to your advantage to ensure that it is a planned rather than a forced sale. Timing is critical to getting the best deal possible; this means managing the business in a manner that it is ready to be sold at any time. From your point of view, the objective of selling the business is to maximize your returns whilst the objective of the purchaser is to acquire an asset that has a predictable cash flow and potential for growth in order to maximize the return on their investment.



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