Tag: Prudential Authority

Fixing prices is not the terrain of the Financial Services Conduct Authority (FSCA). In a recently published article, my colleague Dr Brian Benfield called for the outright abolition of regulatory price fixing with regard to the distribution of insurance products (i.e. insurance commission regulation Biznews). Indeed, it is astonishing that these regulations still exist.

Keep up to date on the most important Financial Services Regulation developments in South Africa in June 2021.

The banking group is hopeful that impairments will decline, and client activity will continue to improve as the year progresses. Nedbank believes the worst may be behind it after suffering a large decline in first-half earnings due to what is has billed as the Great Lockdown Crisis (GLC).

Santam faces a litany of urgent court applications for flaunting the regulatory boards’ warning and refusing to pay out valid COVID-19 business interruption claims. A flood gate of final demands have been issued against insurance giant Santam in respect to business interruption claims from insured business owners and respondents across South Africa that Santam refuse to pay out despite the insurance regulatory authority’s direction to do so.  

In response to the COVID-19 emergency, the South African Reserve Bank (Reserve Bank) and the South African financial sector regulators, the Prudential Authority and the Financial Sector Conduct Authority (FSCA), have implemented several mitigation measures to support the economy and companies.

With the fourth industrial revolution in full swing, businesses are looking for faster and more efficient ways to service customers. Customers are also increasingly tech-savvy and demand more from their service providers, including quicker access and more tailored offerings. Business must carefully assess legal issues that will have an impact on the ability not only to move to cloud, but also to have full beneficial use of cloud services.

The draft Conduct of Financial Institutions Bill was recently published. Once enacted, the CoFI Bill may become one of the first pieces of legislation that explicitly seeks to develop fintech regulation in South Africa.

On 1 April, a new regulatory model called Twin Peaks was implemented in South Africa. This will have a dramatic impact on the country’s future financial regulatory landscape. Many companies may not be aware that this model will have authority over every South African firm or business that offers a financial product or service. The good news for consumers is that this will potentially create one of the most progressive and extensive consumer protection regimes in the world.

The Financial Sector Regulation Bill was passed by Parliament and sent to the President for assent on 22 June 2017.  The Bill provides the...