The FSCA has issued Notice 8 of 2025, which exempts certain retail retirement funds from the usual requirements of section 14(1) of the Pension Funds Act, under specific conditions. This applies to transfers between retirement annuity (RA) funds, preservation funds, and RA-to-preservation fund transfers. Transfers must still follow fund rules, be completed within 180 days, and meet reporting and documentation requirements. The exemption aims to simplify processes while protecting members. This follows a public consultation, where industry groups raised concerns about confusion with section 14(8). The FSCA addressed this by removing all references to 14(8) in the final notice.
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The Financial Sector Conduct Authority (FSCA) and the International Finance Corporation (IFC) have signed a cooperation agreement to help develop climate and sustainability disclosure regulations in South Africa. These regulations will align with the International Sustainability Standards Board (ISSB) standards, ensuring consistent and reliable reporting for investors and stakeholders. The partnership includes: Technical support from IFC through its Beyond the Balance Sheet initiative. Research and recommendations provided by Chronos Sustainability and Kigoda Consulting to guide regulation for retirement funds, collective investment schemes, and listed companies. Alignment with global best practices to enhance transparency and investor confidence. This move positions South Africa to adopt global sustainability disclosure norms and strengthens its regulatory framework in sustainable finance.
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The Financial Sector Conduct Authority (FSCA) in South Africa has recently published its Regulatory Strategy for 2025-2028, outlining its focus areas and strategic direction for the next three years. This strategy builds upon past successes and aims to address evolving needs in the financial sector, including alignment with international best practices and ongoing efforts to meet the recommendations of the 2022 Financial Sector Assessment Program (FSAP). The strategy emphasizes a proactive, responsive, and forward-looking regulatory approach.
Click here for more details https://www.fsca.co.za/Regulatory%20Frameworks/Regulatory%20Frameworks%20Documents/2024%20FSCA%203-year%20Regulation%20Plan.pdf
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This article discusses how insurance payouts are treated for income tax purposes and potential tax implications for beneficiaries.
Click here for more details https://miinsights.com/insurance-payouts-tax
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This update explores how policyholders can claim tax deductions on their insurance premiums under current tax laws.
Click here for more details https://example.com/tax-deductions-for-insurance
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The FSCA has released its Regulatory Strategy for the period 2021-2025, outlining its strategic objectives and guiding principles.
Click here for more details https://www.fsca.co.za/News%20Documents/FSCA%20Regulatory%20Strategy%202021-2025.pdf
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The FSCA has tabled its 2023/24 Integrated Report in Parliament, providing an overview of its performance from 1 April 2023 to 31 March 2024.
Click here for more details https://www.fsca.co.za/Pages/Latest-News.aspx
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The FSCA has published its latest Regulatory Actions Report, highlighting enforcement efforts between 1 April 2023 and 31 March 2024.
Click here for more details https://www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20-%20FSCA%20publishes%20its%20latest%20Regulatory%20Actions%20Report_28%20June%202024.pdf
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