The Pretoria High Court held that a pension fund and its administrator lacked standing to seek the Financial Services Tribunal (FST) to reconsider a determination handed down by the Pension Fund’s Adjudicator’s (Adjudicator) , given that they do not fall within the ambit of “persons aggrieved by a decision” under section 230 of the Financial
Ntokozo Ngubane
Cryptocurrencies fall outside current exchange control regulations
By Desiree Reddy (ZA) & Ntokozo Ngubane on
The recent judgment in Standard Bank of South Africa v South African Reserve Bank and Others (047643/2023) [2025] ZAGPPHC 481 (15 May 2025) highlights the urgent need for legislative reform to address the treatment of cryptocurrencies within South Africa’s exchange control framework.
The case centred on funds held in bank accounts linked to Leo Cash…
The Pension Funds Adjudicator and Financial Services Tribunal have no jurisdiction on complaints relating to non-payment of disability claims underwritten by an insurer
By Ntokozo Ngubane on
A recent Financial Services Tribunal decision, handed down on 28 October 2024 in the matter Seth Bouah v Sanlam Umbrella Provident Fund and Others with Case No: PFA29/2024, confirmed that the Pension Funds Adjudicator (OPFA) lacks jurisdiction to entertain unapproved disability benefit claims underwritten by the insurer.
The main issue which was under re-consideration was…
A statement in terms of section 112(2) of the Criminal Procedure Act constitutes an admission of liability in terms of section 37D(1)(ii)(aa) of the Pension Funds Act
By Ntokozo Ngubane on
The Financial Services Tribunal has brought much-needed clarity to the position of statements made under section 112(2) of the Criminal Procedure Act, 1977 (CPA) and the implication under section 37D of the Pension Funds Act, 1956 (PFA). On 23 October 2024, the FST in the case of Nyathi South Africa (Pty) Ltd v…
The duty of the Board in terms of section 37C(1)(c) of the Pension Funds Act (PFA) to trace dependents commences when the Fund is notified of the death of the Member
By Ntokozo Ngubane on
The High Court in South African Retirement Annuity Fund v Pension Funds Adjudicator and Another clarified that the twelve-month period within which funds are to trace dependants commences to run from the date on which the fund is notified of the death of the member and not on the date of death of the member.…
The in duplum rule does not apply to late payment interest on arrear pension fund contributions owed by participating employers
By Ntokozo Ngubane on
Since 2020, most retirement funds have been faced with a situation where participating employers have failed to comply with section 13A of the Pension Funds Act, 1956 (PFA), by either underpaying employer or member contributions or not paying at all. The non-payment of contributions attracts late payment interest in terms of section 13(7) of…
“Retrospective pension fund rule amendments not registered by FSCA do not bind members” says ConCourt
By Michelle David, Amina Yuda & Ntokozo Ngubane on
The Constitutional Court has provided much needed certainty to the retirement fund industry following the surprising April 2022 judgment of the Supreme Court of Appeal in Municipal Employees Pension Fund & Another v Pandelani Midas Mudau and Another.
On 02 August 2023, the Constitutional Court overturned the SCA judgment. The facts of the matter…
Exemption of banks in respect of certain clients extended to 30 June 2025
By Ntokozo Ngubane & Desiree Reddy (ZA) on
The exemption of Banks in respect of financially sophisticated and high-wealth corporate clients, referred to as the Merchant Banking Exemption (BN 103 of 2004), was extended by FAIS Notice 35 of 2023 until 30 June 2025.
The clients covered under the Exemption include other banks, central banks, insurers (life and non-life insurers), asset managers who…
Regulation on Crypto Assets
By Desiree Reddy (ZA) & Ntokozo Ngubane on
In general notice 1350 of 2022, effective as of 19 October 2022, the FSCA has formally declared a crypto asset as a financial product under the Financial Advisory and Intermediary Services Act, 2002.
The declaration marks the first step in crypto asset regulation, in South Africa, and follows a draft declaration published in 2020 …
Jurisdiction of Pension Funds Adjudicator and Financial Services Tribunal over non-participating employers
By Ntokozo Ngubane & Michelle David on
On 23 February 2022, the Financial Services Tribunal (FST) reinforced that an employee who does not have a “complaint” as provided for, in section 30A of the Pension Funds Act,1956 (PFA) cannot have recourse under the PFA.
The fact of the case are:
- The applicant was employed as a truck driver by during the
…