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Local banks enter the era of high touch conduct regulation

13 July 2020 | General

The Conduct Standard for Banks, newly introduced by the Financial Sector Conduct Authority (FSCA), gives valuable insight into the hands-on approach the financial services regulator will take in achieving pro consumer outcomes. The standards were issued in line with the explicit mandate given to the authority under the Financial Sector Regulation (FSR) Act to regulate and supervise the conduct of banks in relation to the provision of financial products and services.

ASISA commits to B4SA compact for economic recovery

10 July 2020 | Association for Savings & Investment SA (ASISA)

The Association for Savings and Investment South Africa (ASISA) and its members are firmly committed to the new social and economic compact being forged between the private sector under the banner of Business for South Africa (B4SA), Government and other key social partners with the purpose of addressing South Africa’s economic and social challenges with urgency.

FSCA stance on Business Interruption insurance cover

10 July 2020 | Financial Sector Conduct Authority (FSCA) (was FSB)

The Financial Sector Conduct Authority (FSCA) is concerned about the behaviour of some insurers who are deliberately avoiding paying business Interruption claims where no grounds exist to do so.

POPI breach could mean fines of up to r10 million and a 10-year jail sentence

09 July 2020 | General

Parts of the long-awaited Protection of Personal Information Act 4 of 2013 came into force on 1 July 2020, and companies will have a period of one year to get their ducks in a row or risk substantial fines and even imprisonment.

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