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FSCA enforcement penalties eye R1 billion

15 July 2024 | Financial Sector Conduct Authority (FSCA) (was FSB)

It has been a bumper year for the enforcement team at the Financial Sector Conduct Authority (FSCA) with almost R1 billion in penalties imposed on 33 persons. In its media release accompanying its 2023-24 Regulatory Actions Report, the authority mentions a long list of enforcement activities including 156 debarments; 104 public warnings; 41 enforceable undertakings; the suspension of 1061 licences; and the withdrawal of 75 licences. PS, this in addition to the aforementioned fines, totalling just over R943 million.

Right versus wrong in ethical financial decision making

11 July 2024 | General

The pressure that decision-makers face in today’s competitive financial services environment creates the unfortunate circumstance where, while we understand the difference between right and wrong, we do not always do the right thing. “Understanding ethics and ethical concepts is relatively easy; but being ethical and acting in an ethical manner is not,” said legal and ethics consultant, Advocate Jan Dijkman, as he set out to answer an open-ended question: Does business ethics matter?

Complaints are on the rise as policyholders battle exclusions and delays

10 July 2024 | Short Term Ombudsman

The Ombudsman for Long-term Insurance (OLTI) and the Ombudsman for Short-term Insurance (OSTI), now the National Financial Ombud Scheme South Africa (NFO), recently published their last joint annual report for 2023.

Funds pays benefit to fraud syndicate whilst real member was in prison

08 July 2024 | PFA - Pension Fund Adjudicator

Whilst the actual member was serving a prison sentence, a pension fund paid out a benefit of more than R800 000 to a syndicate that was involved in identity theft and unlawfully claiming benefits of retirement fund members.

quick poll

Question

If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?

Answer

2026, as promised 2027 looks more likely Impossible to say More consultation needed

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