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SARS is planning to prosecute taxpayers who have failed to submit tax returns. So far, 36 dockets have been handed over to the NPA, notes a BusinessLIVE report.   more  >>

The turmoil at VBS Mutual Bank deepened yesterday, when the bank’s curator announced he was withdrawing its most recent financial statements, notes a Mail & Guardian Online report.
PwC was the internal auditor and KPMG the external auditor for the 2017 financial statements, notes a Business Day report.   more  >>

Nene begins 'Twin Peaks' unbundling processes   more  >>

The audit profession’s watchdog is considering forcing firms to split their audit and advisory arms in an effort to enhance their independence and improve audit quality, says a Business Day report.   more  >>

A Pretoria law firm is being investigated after accusations that it plundered more than R200m in pension money belonging to municipal councillors, says a City Press report.   more  >>

The Registrar of Collective Investment Schemes as he was referred to in section 7 of the Collective Investment Schemes, 45 of 2002(CISCA) referred a case against Novare CIS (RF) (Pty) Limited (the Respondent) to the Enforcement Committee of the Financial Services Board, the latter being the predecessor of the Financial Sector Conduct Authority.   more  >>

Following an ASIC investigation, former financial adviser Mr Trevor William Martin, has today been charged with twenty-one counts of dishonestly obtaining client funds and five counts of using false documents to obtain a financial advantage under the NSW Crimes Act, according to a published ASIC media release.
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ASIC has banned Mark Menzies, the sole director and officer of Menzies Securities Pty Limited (Menzies Securities), from providing financial services for four years.   more  >>

Jonathan Faurie, FA News

During the State of the Nation address in January, President Cyril Ramaphosa finally ended years of speculation when he announced that Twin Peaks will come into effect on 1 April.
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Financial Markets Act: JSE listing requirements: Amendments released [17-Apr-2018]

There is still a backlog of almost 1300 property syndication complaints at the office of the Ombud for Financial Advisory and Intermediary Services [17-Apr-2018]

FCA to publish cryptocurrency review later this year [17-Apr-2018]

Business Day Report

KPMG raised no red flags with the audit regulator over VBS Mutual Bank and it did not report any unlawful practices during its decade-long audit of Gupta-family companies.   more  >>

Mostert v Firstrand Bank t/a RMB Private Bank (198/2017) [2018] ZASCA 54 (11 April 2018)

Debtor and creditor – remedying of default in a credit agreement in terms of s 129(3) of the National Credit Act 34 of 2005 – s 129(3) requires payment by or on behalf of the consumer – consumer relied on payments during 2013 and 2015 – not established that 2013 payment settled the arrears – 2015 payments did settle the arrears but were not made by or on behalf of the consumer.
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The Registrar of Collective Investment Schemes as he was referred to in section 7 of the Collective Investment Schemes, 45 of 2002(CISCA) referred a case against Novare CIS (RF) (Pty) Limited (the Respondent) to the Enforcement Committee of the Financial Services Board, the latter being the predecessor of the Financial Sector Conduct Authority.   more  >>


Fraudulent insurance claims are on the rise in SA with the SA Insurance Association estimating that about 32% of all claims submitted in any year are fraudulent.   more  >>

Controversial plans to include general counsel in the City watchdog’s accountability regime for top executives have been indefinitely postponed due to Brexit.   more  >>

LegalBrief Forensic

The editor of BizNews, Alec Hogg, says that it was reasonable for him to publish claims that Cobus Kellermann was running a Ponzi scheme, notes a Moneyweb report.   more  >>

KPMG has suspended the head of its largest business unit, who was the lead audit partner on VBS Mutual Bank, says a Business Insider SA report [12-Apr-2018]


HSBC is bringing in robots to help it spot money laundering, fraud and terrorist funding. A Financial Times report says it is the latest bank to harness artificial intelligence to tackle financial crime more quickly and cheaply than with armies of compliance staff.   more  >>

Eugene Maree, Moneyweb

There is a lot of conversation around investing digitally, right now. Supporters of the idea suggest that investors should cut out their brokers or financial advisors and take their money online by investing through digital platforms.   more  >>

Shayne Krige, direct and head of investments funds at Werksmans Attorneys ​

As of 1 April 2018, there is a new sheriff for the South African financial services sector. The Financial Services Board (FSB) has been replaced by the Financial Sector Conduct Authority (FSCA).

Here are five things you need to know about this development...   more  >>

National Treasury

On 1 April 2018, South Africa’s financial regulatory system will fundamentally change, as two new regulators come into operation - the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA). This implements a new Twin Peaks model of financial sector regulation in South Africa.   more  >>

The Information Regulator has asked Facebook to contact all South Africans affected by the social network’s data breach, and to state what steps it is taking to ensure users’ data remains safe, says a Business Day report.   more  >>


A client of disgraced Bloemfontein attorney Jaco Rothmann has obtained a provisional liquidation and sequestration order against the law firm in a bid to use the mechanisms of the Insolvency Act to track down assets, Volksblad reports.   more  >>

British and US lawyers have launched a joint class action against Facebook, Cambridge Analytica and two other companies for allegedly misusing the personal data of more than 71m people, says a report in The Guardian.
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Business Insider

Regtech solutions seemed to offer the solution to financial institutions' (FIs) compliance woes when they first came to prominence around 24 months ago, gaining support from regulators and investors alike.

However, many of the companies offering these solutions haven't scaled as might have been expected from the initial hype, and have failed to follow the trajectory of firms in other segments of fintech.
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A hearing panel of the Financial Industry Regulatory Authority Inc. has awarded a customer of UBS broker Michael James Keane $805,120, the latest in a series of payments he has faced in the past several years to satisfy client complaints.   more  >>

Beyond RDR

Book your seat today at a much reduced rate.

As financial planning evolves, the future financial planner looks very different.   more  >>

New FSCA Contact details [10-Apr-2018]

The Financial Sector Conduct Authority made available a document containing contact details, including telephone numbers and email addresses, of people in the various departments of the FSCA.

See Library Items for a quick download.