Tag: consumer protection

The rapidly developing financial landscape in South Africa is driving greater financial inclusion through innovative consumer credit approaches. At its core, this mission integrates alternative data, technological advancements, and a balanced strategy for innovation and risk management.

As a global leader in the cryptocurrency industry, we recognise the significance of the South African Financial Sector Conduct Authority's (FSCA) recent decision to include cryptocurrencies within its licensing legislation. This move comes at a crucial time for the evolution of crypto as an investment asset class in South Africa, signalling the maturation of the local crypto market and a step towards integrating digital assets into the mainstream investment ecosystem.

As technology continues to advance rapidly, governments worldwide are grappling with the need to regulate various aspects of the digital realm. South Africa, a leading economy on the African continent, has not been immune to this global trend.

Smoke, fire, and flames claim numerous lives in South Africa, ranking among the top causes of death. In addition, the Fire Protection Association of Southern Africa has reported that almost one-tenth of all fires stem from electrical sources. However, many South Africans are unaware that counterfeit electrical products play a major role in fuelling these incidents.

Over the years in the fight against AIDS, tuberculosis, and malaria, we have learnt about the effectiveness of purpose-led partnerships. The ongoing COVID-19 pandemic provided us with a sense of urgency in supporting individuals and households to take full advantage of the digital economy.

In what can best be described as a robust and 'no bars held' move, Russia has declared that champagne producers must now include the designation 'sparkling wine' on their champagne products manufactured for export to Russia. 

Data is a key asset to any business – that’s why it’s crucial that it’s protected. Data can help businesses understand vital information, such as customer buying behaviour or enable digital payments. However, in the wrong hands, it can be abused. Consider the risk that cyberattacks and data breaches pose to businesses.

Individual consumers and businesses will no longer be able to cash cheques in South Africa. This follows a joint announcement by the SARB, FSCA, PASA and BASA which confirmed that the issuing and acceptance or collection of cheques will cease from 31 December 2020. 

The paper details competition and regulatory issues in the South African digital economy and sets out the Commission's intended strategic actions in relation to competition law issues, and proposed strategic actions for other regulators to consider concerning their respective regulatory areas, namely telecommunication and broadcasting, data protection and financial services regulators.

We have released a report on advertising law developments around the world in response to COVID-19 pandemic. As the world faces a terrible pandemic, there’s been an enormous effort by regulators and others to protect consumers. This special report tracks how regulators and others have responded to advertising issues, such as fake cures and price gouging, related to COVID-19.