Compliance - Regulatory

Not quite R4.8 billion, but the FSCA has fining power too

In a week dominated by news that the South African Revenue Services (SARS) was seeking R4.8 billion and change in ‘damages’ from JSE-listed firm, Sasfin Holdings, you could be excused for missing a couple of ‘small change’ enforcement actions announced by the Financial Sector Conduct Authority (FSCA).

Life offices and asset managers exceed B-BBEE ownership targets, but face hurdles with employment equity targets

Life offices and asset managers represented by the Association for Savings and Investment South Africa (ASISA) have made encouraging progress towards achieving the relevant transformation targets set by the Amended Financial Sector Code (FSC).

Consumers come out tops with formation of new one-stop Ombud Scheme

FSCA imposes R16 million administrative sanction on Ashburton Fund Managers (Pty) Ltd (FSP 40169)

The Financial Sector Conduct Authority (FSCA) has imposed an administrative sanction of R16 million on Ashburton Fund Managers (Pty) Ltd (AFM) for failing to comply with certain provisions of the Financial Intelligence Centre Act, No. 38 of 2001 (FIC Act).