SA’s financial system is stable, says SARB

SA’s financial system is stable, says SARB

Financial stability is not an end in itself but, like price stability, is generally regarded as an important precondition for sustainable economic growth, development, and employment creation. Financial stability refers to a financial system that is resilient to systemic shocks, facilitates efficient financial intermediation, and mitigates the macroeconomic costs of disruptions in such a way that confidence in the system is maintained. The SA...

Read More

FSCA’s three-year strategy

FSCA’s three-year strategy

The Financial Sector Conduct Authority FSCA recently transitioned from a compliance driven entity to a proactive, risk-based and outcomes-focused market conduct regulator. According to the FSCA Bulletin outlines the entity’s three-year Regulatory Strategy. Abel Sithole, FSCA Commissioner, says the widened scope of the FSCA mandate means it now has oversight over retail banks and credit providers, a move that enables the FSCA to serve the...

Read More

ASISA Retirement Savings Cost Disclosure Standard aims to build trust

ASISA Retirement Savings Cost Disclosure Standard aims to build trust

The new ASISA Retirement Savings Cost (RSC) Disclosure Standard, which came into effect on 1 March 2019, aims to build trust in the savings and investment industry through meaningful disclosure. Taryn Hirsch, senior policy consultant at ASISA, in a statement on ASISA’s website said ASISA members are required to submit compliance certificates to ASISA annually certifying that the RSC calculations and disclosures comply in all respects with...

Read More

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...

Read More

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...

Read More

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...

Read More