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Tag: Financial Sector Conduct Authority (FSCA)
National Treasury and the South African Revenue Service (SARS) provided important feedback at the recent sitting of the Standing Committee on Finance as part of the parliamentary process regarding the much anticipated two-pot retirement system.
On 1 April 2023, the Companies and Intellectual Property Commission (CIPC) released its new “beneficial ownership register” functionality on its e-services platform. This new requirement has placed companies under the spotlight as they must now declare their beneficial ownership to the CIPC. This means the days when the “warm body” which sits behind a company can no longer remain off record.
Considerable negative public comment notwithstanding, the National Treasury and the South African Reserve Bank (SARB) have pressed ahead with the establishment of a new statutory body, this time a state insurer of bank-deposits.
The Medical Schemes Act (MS Act) requires a person to be accredited by the Council for Medical Schemes (CMS) as a broker, before being allowed to provide “broker services”. The MS Act defines “broker services” as the provision of service or advice in respect of access to or benefits offered by a medical scheme.
After a long, hard year, many of us look forward to charging full steam into the festive season; spending and spoiling ourselves and our loved ones with abandon. And when it comes time to deal with the consequences of our financial decisions…well, isn’t that what January is for?
The Financial Sector Conduct Authority (FSCA) officially declared crypto assets as financial products under the Financial Advisory and Intermediary Services Act. This is a big step forward towards avoiding South Africa’s infamous decline into the Financial Action Task Force (FATF) grey list.
The financial services dispute resolution landscape is being radically reshaped to ensure a consistent framework across the financial services sector whilst providing for quick and cost-efficient review of an aggrieved party’s grievance. Along with the proposed amendments is a name change for our office, which will be renamed the 'Retirement Funds Ombud'
With the lifting of COVID-19 lockdown restrictions, complaints to us came thick and fast – and cases were closed without undue delay. In the 2021-2022 financial year under review, we received 8,858 new complaints, an increase of 26% compared to the previous year when the COVID-19 level 4 and 5 lockdowns were implemented.
The South African Reserve Bank (SARB) recently announced their intention to declare cryptocurrency as a financial product, which is in line with current worldwide trends as well as the Financial Sector Conduct Authority (FSCA) which published a draft declaration of crypto assets as financial products in 2020.