Amina Yuda

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‘De bloedige hand’ principle and its application in s37C pension fund distributions

The Pretoria High Court has refused to extend the ‘bloedige hand’ principle in instances where the beneficiary of a death benefit was the child of the deceased’s killer. The ‘bloedige hand’ principle holds that no person who unlawfully causes the death of another may inherit from the deceased. The deceased and his wife were killed … Continue reading

Skills and training Conduct Standard for pension fund trustees

On 10 July 2020, the Financial Sector Conduct Authority (FSCA) published the awaited Conduct Standard prescribing the minimum skills and training requirements for members of the board of trustees of pension funds as contemplated in section 7A(3)(a) of the Pension Funds Act 1956, effective from date of publication. Section 7A(3)(a) requires the trustees of pension … Continue reading

FSCA publishes the conduct standard for banks

When the Financial Sector Regulation Act (FSRA) was introduced in 2018, the FSCA was tasked with regulating and supervising the way banks conduct themselves in relation to the provision of financial products and services to customers. In fulfilment of this mandate, the FSCA has published a conduct standard for banks. The conduct standard is supported … Continue reading

Progressive changes for the retirement fund industry in FSCA draft Conduct Standards

On 8 June 2020, the Financial Sector Conduct Authority published three draft conduct standards for public comment to be made by 31 July 2020. The purpose of the draft conduct standards is to regulate the: conditions for living annuities in an annuity strategy; communication of benefit projections to members of pension funds; and conditions for … Continue reading

Equitable Jurisdiction: The Pension Funds Adjudicator cannot make orders disregarding statutory provisions

Since 1 April 2019, the Pension Funds Adjudicator has been empowered to apply the principles of equity in dealing with complaints. The concept of an equity jurisdiction has raised concerns in the industry due to its discretionary nature. The concept of ‘equitable jurisdiction’ has been the subject of a recent determination by the Financial Services … Continue reading

Grace period for pension funds with no remaining members to comply with the Pension Funds Act

The Financial Sector Conduct Authority published a communication on 6 March 2020 aimed at pension funds who have no remaining members and still have historical outstanding actuarial valuation report submissions and outstanding annual financial statement submissions. The purpose of the communication is to set out the process to be followed by these pension funds in … Continue reading

PAJA applies to s37C Pension Funds Act decisions

In February the high court confirmed that the Promotion of Administrative Justice Act (PAJA) applies to section 37C decisions on the distribution of death benefits made by the boards of retirement funds under the Pension Funds Act. In Mbatha v Transport Sector Retirement Fund and Salt Employee Benefits the court also confirmed the accepted principles … Continue reading

Draft Conduct Standard for Banks published

The Financial Sector Conduct Authority (FSCA) has published a Draft Conduct Standard for Banks, under section 106(2)(b) of the Financial Sector Regulation Act 2017 (FSRA). The draft Conduct Standard applies to banks, mutual banks, co-operative banks, branches of foreign banks and representative offices of foreign banks (banks) and will apply in addition to any other … Continue reading
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