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Financial Institutions Legal Snapshot

South Africa and global insurance, financial institutions, banking and general law know–how

Banking

FSCA clamps down on FICA non-compliance

By Desiree Reddy (ZA) on July 28, 2020

Financial services providers (FSPs) registered under the Financial Advisory and Intermediary Services Act 2002 fall within the ambit of ‘accountable institutions’ under the Financial Intelligence Centre Act 2001. As accountable institutions, these FSPs are obliged to comply with the FIC Act and are subject to oversight by the FSCA. The FSCA has ... Continue reading

FSCA publishes the conduct standard for banks

Financial Sector Laws Amendment Bill 2020 to go to Parliament

SARB cuts the repo rate yet again: how does this affect borrowers and debt payments?

Drafting tips

The difference between ‘significant’ and ‘substantial’

By Patrick Bracher (ZA) on June 16, 2020

In April 2020 the UK Supreme Court had reason to discuss the difference between ‘significant’ and ‘substantial’ in the context of what is a ‘significant reduction in life expectancy’. The court said that ‘like the skin of a chameleon, the adjective takes a different colour so as to suit a ... Continue reading

Contracts interpreted according to wording, context and purpose

Sign of the times: Electronic signatures in South Africa

Effect of settlement agreement

Insurance

Interpreting insurance contracts: a refresher (part 5 – fairness and reasonableness)

By Donald Dinnie on August 6, 2020

A court may not refuse to enforce contractual terms on the basis that the enforcement would, in its subjective view, be unfair, unreasonable or unduly harsh. It is only where a contractual term or its enforcement is so unfair, unreasonable or unjust that it is contrary to public policy that ... Continue reading

Fraudulent insurance claim denied

Interpreting insurance contracts: a refresher (part 4 – fraudulent claims)

COVID-19, business interruption and physical damage

General

Constitutionality of the public school four week break

By Thabang Dikgale on August 3, 2020

Following the President’s address on 23 July 2020, the re-closing of public schools for four weeks has left most questioning why public schools are forced to take the four week break and private schools are not. Although grade 12’s will only be taking a week break and grade 7’s two ... Continue reading

Condonation for late notice of intention to sue

Sick leave and self-isolation: A guide for employers

Arbitration clauses usually do not survive termination of contract for fraud

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Norton Rose Fulbright’s financial institutions team provides straightforward legal updates. Our lawyers offer local insights with an international perspective recognised worldwide. This blog focuses on the South African market and is about sharing knowledge with you. Blog posts are not legal advice.

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South Africa and global insurance, financial institutions, banking and general law know–how

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