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FSCA fines Steinhoff R1.5bn

FSCA fines Steinhoff R1.5bn

The Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty of R1.5 billion on Steinhoff under Section 81 of the FMA 2012 – the highest penalty to date issued by the authority. In a news release on its website, the FSCA said it noted Steinhoff’s current financial position and in order to avoid penalising innocent Steinhoff shareholders further, in recognition of the fraud perpetrated on the Steinhoff Group by former...

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Should retirement funds invest in SOEs?

Should retirement funds invest in SOEs?

Maladministration, poor governance and corruption have had a devastating effect on the country’s ailing state-owned enterprises (SOEs), leaving them facing extensive financial difficulties. Business Day recently reported that financial institutions may approach the Constitutional Court if government forces pension funds to invest in bankrupt state-owned enterprises. This followed a proposal in the ANC election manifesto that government...

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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...

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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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