Tag: Financial Sector Regulation Act (FSRA)

In meeting its policy commitments and addressing regulatory challenges posed by the rising prominence of non-bank payment operations, the South African Reserve Bank (SARB) published two draft documents in the first quarter of 2025. In their policy document, colloquially referred to as Vision 2025, the SARB presents its vision for modernising South Africa’s National Payment System (NPS).

ZAR 475 million, ZAR 210 million, and ZAR 59 million are not lottery jackpots. Instead, these represent the significant administrative penalties imposed recently. During 2024, the Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA)(together, the Regulators) imposed these penalties on various entities.

In 2020, the National Treasury published for public comment a draft Conduct of Financial Institutions Bill, as an update of its draft two years earlier. This 2020 draft bill aims, ambitiously, at revising the separate laws which regulate the conduct of financial institutions of all kinds, be they banks, insurers, pension funds or medical schemes; and which regulate the conduct of providers of financial advisory, administration or payment services.

Jean-Paul Rudd | Partner | Adams and Adams | mail me | An appeal serving before a full bench in the High Court of South Africa, Gauteng Division, Pretoria...

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.

The South African Government, via the Department of Finance, has announced the implementation of the new General Laws Amendment Act. President Cyril Ramaphosa signed into law the General Laws (Anti Money Laundering and Combating the Financing of Terrorism) Amendment Act, 2022.

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'

The Intergovernmental Fintech Working Group (IFWG) has published a new blog on Open Finance, noting that South African regulatory authorities have started looking at open finance as it relates to their respective mandates.

The Financial Sector Conduct Authority (FSCA) wishes to usurp the Broad-Based Black Economic Empowerment (B-BBEE) role of the Minister of Trade and Industry, to make missing a transformation target an offence, and to make the Sector serve two masters (continued from PART 1).

In a recent conference, National Treasury Acting DG Ismail Momoniat explained National Treasury’s views on the two-pot retirement system, governance of umbrella funds and changes to Regulation 28. Ismail Momoniat, Acting Director-General at National Treasury (NT), addressed the recent Pension Lawyers Association Virtual Conference in May 2022 with an update on retirement reform developments.