South Africa and global insurance, financial institutions, banking and general law know–how
This blog is co-authored by Anathi Xaba, a candidate attorney.
On 18 June 2025, the Financial Services Tribunal granted three applications for reconsideration and set aside the debarments issued by the financial services provider because the conduct relating to the debarments only became known to the financial services provider after the applicants ceased to act…
The prescribed rate of interest is 10.75% per annum with effect from 1 July 2025. The previous rate was 11.00% per annum.
According to the Prescribed Rate of Interest Act, interest on debts where no rate is prescribed is calculated at the repo rate plus 3.5%. The prescribed rate of interest applies to all debts…
In May 2025, the High Court found that a bundled credit life insurance product contravened the National Credit Act of 2005 by providing cover to policyholders who could not benefit from the cover offered. The credit life product included disability and retrenchment cover which the credit provider sold largely to pensioners, and to disabled persons…
On 02 April 2025 the Financial Sector Conduct Authority issued a press release setting out the administrative sanctions it had issued to three more financial services providers. The sanctions follow a continued trend by the FSCA to supervise the anti-money laundering and counter-terrorist financing efforts of the financial services industry and penalise any non-compliance found.
On 13 June 2025, the Financial Action Task Force announced that “South Africa has substantially completed its action plan and warrants an on-site assessment to verify that the implementation of AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future.”
The final…
In 2018 the Prudential Authority issued the well-known Prudential Standards regulating several aspects of insurance business, including outsourcing material business activities. In line with a growing trend of joint and collaborative regulation across regulators, in May 2024 the Prudential Authority and Financial Sector Conduct Authority issued Joint Standard 1 of 2024 on Outsourcing by Insurers…
On 17 March 2025 the High Court dealt with an all-too-common situation where an oral agreement between good friends and business partners had not been reduced to writing. The business relationship was implemented and money paid without formal written agreements setting out the rights and obligations of each party. The court found that the investor…
This blog was co-authored by Anathi Xaba, a candidate attorney.
In February 2025, the Financial Services Tribunal upheld an FSP’s decision to debar its representative, finding that the lack of a written debarment policy of the FSP did not undermine the overall fairness of the process followed. Procedural fairness does not require strict adherence to…
On 31 March 2025 the Financial Intelligence Centre issued Directive 3A, accompanied by Public Compliance Communication 50A, to provide “guidance on the measures required for the mitigation of loss of intelligence data due to reporting failures.” Directive 3A replaces a substantially similar Directive 3 issued in September 2014 which dealt with the situation…
In January 2025 the High Court upheld the findings of the Financial Services Tribunal and found that section 14 of the Insurance Act of 2017 does not require the prior approval by the Prudential Authority of the appointment of a director. Prudential Standard GOI 4, which requires the Prudential Authority to “approve directors and auditors before they…
