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Financial Services Intelligence Watch
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02 December 2023 Financial Service Intelligence Watch

Note to Subscribers

Seasonal downtime

Dear subscribers,

Please note that the last issue of CompliNEWS for this year will be published on Thursday, 14 December 2023.

The first CompliNEWS of the new year will be issued on Thursday, 11 January 2024.

Breaking news will still be posted on the website during this period.

We wish ...

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Legislative Changes and Developments

Commentary on Legislative Changes and Development

Businesses desperate to halt NHI Bill

Legalbrief Today

In an unprecedented move, business organisations have written to the presiding officers of the NCOP as well as Deputy President Paul Mashatile – who is the leader of government business – with an urgent appeal to stop the National Health Insurance (NHI) Bill from being passed by Parliament ...

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Environmental, Social & Governance

Just Share spotlights banks' decarbonisation failures

Legalbrief Environmental

Standard Bank has seven directors that have potential conflicts of interest regarding their roles at fossil fuel companies and the bank’s commitment to managing climate risk issues, says Just Share in a new study that spotlights key roles that the South African financial services industry plays in the ...

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The urgency of accelerated decarbonisation: A critical role for private sector entities in progress

Businesses are tasked with a significant challenge: integrating decarbonisation into their financial strategies and decision-making processes, according to a report by EY. They face hurdles such as inconsistent government policies. A systematic, evolving framework is essential for managing change and providing effective, large-scale transition support. Incorporating environmental considerations and ensuring ...

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Anti-Money Laundering

Relevant Rulings

High Court rules on execution pending appeal

Gauteng High Court

Parties: Zero Azania v Caterpillar Financial Services

Date of Judgment: 21 November 2023

Keywords: Civil Procedure, Execution Pending Appeal, Jurisdiction, Court Discretion, Superior Courts Act

Case Summary

Zero Azania (Pty) Ltd, referred to as Azania, failed to comply with instalment payments for six construction vehicles purchased from ...

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Zinhle Kelly Hadebe v Assupol Life Limited (reconsideration application – debarment of financial services representative)

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

The following matter was handed down by the Financial Services Tribunal on 19 November 2023:

  • Zinhle Kelly Hadebe (Applicant) and Assupol Life Limited (Respondent) – (case number: FSP50/2023)

Fast facts

Reconsideration application – Debarment of financial services representative – Procedural and substantive ...

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News from the Regulators

FSCA warns public against impostors misusing the MitonOptimal (Pty) Ltd name

The Financial Sector Conduct Authority (FSCA) is issuing a caution to the public about engaging in any financial services activities with a group of individuals who are falsely representing themselves as part of the MitonOptimal (Pty) Ltd brand. These impostors are actively defrauding unsuspecting individuals on the social media platform ...

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Regulator hands over medical schemes report

The medical schemes regulator says it has submitted its long-awaited report on cheap, pared-down medical scheme options to Health Minister Joe Phaahla, notes Business Day. The Council for Medical Schemes (CMS) has since 2015 overseen the development of a low-cost benefit option (LCBO) framework that will allow schemes to offer ...

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Local News

Consequences for Standard Chartered Bank

Legalbrief Today

‘The settlement agreement reached by Standard Chartered Bank and the Competition Commission is an important mantelpiece in dealing with the currency manipulation case.’ However, Dr Tinashe Kondo and Dr Precious Ndlovu, from the University of the Western Cape’s law department, note only once the settlement agreement has ...

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Fresh attempts to force 3Sixty Life into liquidation

Legalbrief Today

Khandani Msibi, the CEO of the investment arm of the National Union of Metalworkers of SA (Numsa), has embarked on a new strategy to force the end of the curatorship of 3Sixty Life, the underwriter owned by Numsa Investment Company's Doves Group Holdings (DGH), reports Fin24. Msibi ...

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International News

Compliance Focus

Financial planning trends: Embracing technology while valuing human skills

Dante de Gori, CEO of the Financial Planning Standards Board (FPSB), highlighted the significant impact of technology and AI on the financial planning profession during the 2023 Financial Planning Institute of Southern Africa’s (FPI) Convention. Despite technological advancements, he emphasised that human financial planners will remain essential.

Key points from ...

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Working Smart

Embracing a growth mindset

By Lee Rossini

In the personal and professional development space, psychologist and academic Carol Dweck has written extensively about the power of mindset in her groundbreaking book Mindset: The New Psychology of Success. The book delves into the transformative idea that our beliefs about our abilities fundamentally shape our lives ...

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South African government to reward whistle-blowers in anti-corruption efforts

Public Service and Administration Minister Noxolo Kiviet has announced a new initiative by the South African government to offer incentives to whistle-blowers who report corruption, reports The Mercury. This announcement, made during a session of answering oral questions in the National Assembly, highlights the government's increasing efforts in combating ...

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Crypto Assets

Binance CEO pleads guilty to money laundering

Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange, agreed to resign from the company and plead guilty to money laundering this week. A report in The Guardian notes that as part of a guilty plea, Zhao agreed to pay a $50m fine and would be barred from any ...

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Data Protection

GDPR enforcement tracker – Some recent cases


The Spanish Data Protection Authority (DPA) has levied a fine of EUR 72 000 against Eurocollege Oxford English Institute S.L. for a data protection violation. The issue arose when an individual, who had signed a training contract with Centro De Estudios Aeronauticos, S.L. (CEAE), an affiliate of ...

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Private Equity

Vuyo Ntoi appointed as new chairperson of Savca board

The Southern African Venture Capital and Private Equity Association (Savca) has announced the appointment of Vuyo Ntoi as its new chairperson, effective from 15 November 2023. This decision follows a majority vote by the board of directors, reports CityWire. Ntoi succeeds Ata Capital CEO Lelo Rantloane, who completed his three-year ...

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Working Smart

By Lee Rossini

In the personal and professional development space, psychologist and academic Carol Dweck has written extensively about the power of mindset in her groundbreaking book Mindset: The New Psychology of Success. The book delves into the transformative idea that our beliefs about our abilities fundamentally shape our lives. At the heart of her exploration is the dichotomy between a fixed mindset and a growth mindset.


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