What will regulation in the UK look like after Brexit?

What will regulation in the UK look like after Brexit?

On 16 May the Bank of England published a speech by Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer, Prudential Regulation Authority, which he presented to the UBS 20th Annual Financial Institutions Conference in Lausanne. Woods spoke about the ‘style’ of regulation the UK should aim for and explored the differences between EU and UK approaches to implementing regulatory rules. He sets out the six principles of...

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FSCA welcomes Cashflow conviction

FSCA welcomes Cashflow conviction

The FSCA has welcomed the successful prosecution and sentencing of Jabulani “Cashflow” Ngcobo and Mzabalazo Welcome Dlamini on several counts of fraud and contravening section 7(1) of the Financial Advisory and Intermediary Services (FAIS) Act. The matter has been heard before the courts since 2014, and the Specialised Commercial Crimes Court in Durban has now sentenced the two to six years, imprisonment – two of which were suspended – and a...

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What is Directive 8 all about?

What is Directive 8 all about?

Directive 8, which looks at accepting gratification, has been widely discussed in the retirement industry – especially it’s breadth of scope and how it will impact fund officials. According to an article in the latest FCSA Bulletin, the Registrar of Pension Funds views the following, among others, as gratifications: money, donations, gifts, loans, fees, rewards, valuable security, property or interest in property; any forbearance to demand any...

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2017/18 Annual B-BBEE Reporting to the FSTC

2017/18 Annual B-BBEE Reporting to the FSTC

The FSCA this week sent a reminder to all FSPs regarding the 2017/18 Annual B-BBEE Reporting to the FSTC. Your FSP falls within one of three possible categories; please see the information below and follow the instructions as per your FSP Circumstances. A FSP with a turnover of LESS than R10 million for 2018 Financial Year:Please complete Sworn Affidavit 1. A FSP with a turnover between R10 million and R50 million for 2018 Financial Year:Please...

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Fintech: regulation groundwork is being set

Fintech: regulation groundwork is being set

Financial Technology, or FinTech, brings to mind crypto-currencies such as Bitcoin, which after an initial boom and subsequent die-down, appears once again to be on the rise.  Bizcommunity reported a 20% jump in the crypto-currency in less than an hour on 2 April. “The cryptocurrency’s price crossed the $5 000 mark, touching the highest level since November 2017. All other major cryptocurrencies, including Ethereum, XRP and Litecoin...

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FIC Amendment Act comes into force this week

FIC Amendment Act comes into force this week

The FIC Amendment Act will be enforced on 2 April 2019 – are you ready? As an accountable or reporting institution you will need to be particularly diligent ­– especially when dealing with legal entities, which can be used to hide the identity of suspected criminals as well as the source of funds and the true purpose of those funds. The aim of Financial Intelligence Centre (FIC) legislation is to combat financial crimes, including money...

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