Compliance - Regulatory

FSCA sends clear signal on its future enforcement focuses

Brokers and financial advisers don’t need to be Nostradamus to see where regulation is heading. The reason: South Africa’s financial sector regulators are among the world’s most transparent, clearly signalling their upcoming regulation and enforcement focuses for all to see.

The war on financial fraud

COFI: All about the customer

There South Africa's financial sector is on the cusp of a profound transformation with the imminent arrival of the Conduct of Financial Institutions (“COFI”) Bill. This landmark legislation presents itself as the second leg of the “Twin Peaks” regulatory reform model, to stand alongside the Financial Sector Regulation Act (FSRA) that has already been implemented. COFI aims to consolidate and strengthen market conduct laws, fundamentally changing how a financial institution operates and interacts with its customers. At its heart, COFI seeks to usher in a new era of fairness, transparency, and consumer protection with the aim of creating a more customer-focused and outcome-driven regulatory approach, effectively moving away from the rules-based system currently employed in the industry.

PFA finds fund had failed to properly investigate financial dependency

The Pension Funds Adjudicator Muvhango Lukhaimane has set aside the allocation of a death benefit and ordered the pension fund to consider the financial dependency of the complainant and her children on the deceased.