South Africa’s financial services regulator has dismissed an appeal to overturn the ban of the former boss of collapsed asset manager Interneuron, which swindled investors out of R100m (£5.9m, $7.4m, €6.9m).
South African advisory firm deVere Acuma has confirmed that it did not disclose commission charges of nearly £65,000 ($81,114, €75,198) taken from a client’s portfolio over four years, reports local news feed Moneyweb.
Wealthy expats living in South Africa are set to be hit hard by sweeping tax increases set to be announced in the country’s budget later this month.
deVere Group founder and chief executive Nigel Green has said that his financial advisory firm is “under attack in South Africa” following a series of alarming events aimed at discrediting the group.
Cape Town-headquartered IFA firm Carrick Wealth has launched an internship programme for university graduates as part of the Carrick Development Academy (CDA) Graduate Programme.
South Africa’s Financial Services Board (FSB) will limit upfront commission to 50%, with the remainder set to be paid on an “as and when” basis as further details emerge on how the regulator will introduce the first set of Retail Distribution Review (RDR) measures.
Cross-border financial planning firm Aisa International has expanded into South Africa after being granted a licence by the country’s financial services regulator.
South African regulator, the Financial Services Board (FSB), has revealed details on how it will implement a cap on commission payments as part of the country's Retail Distribution Review (RDR).
Isle of Man-based pension provider Optimus has launched a new offshore retirement fund aimed at wealthy South Africans.
Cape Town-headquartered IFA firm Carrick Wealth is expanding its flagship Invictus programme, a training academy launched earlier this year aimed at the company’s would-be advisers.
South African tax authorities may clamp down on the way overseas pension products are taxed, according to Martin Hall, director of Isle of Man-based Optimus.
South African financial services group, Sanlam has acquired bigger stakes in two Indian insurance companies, following recent regulatory changes that allow up to 49% foreign shareholding in insurance companies in the country.
The financial advisory space is undergoing an enormous amount of flux at the moment.
Caldora Asset Management, operators of the Mauritius-domiciled Caldora Offshore Balanced Fund which suffered a spectacular drop in returns after its launch, has had its licence terminated.
The rand got another lift on Wednesday reaching its strongest level in over a month against the dollar after the courts ruled that the Public Protector’s report into so-called ‘state capture’ must be released.
Belvedere Fund Manager Ltd, part of the troubled Mauritius-based fund house Belvedere Management Group (Belvedere), has had its licence to operate collective investment schemes (CIS) suspended by the Indian Ocean island nation.
“One of the biggest challenges I have faced as an adviser in South Africa in the past few years is generating a positive return for clients from international equities,” says Mark Jurgens, head of the Jurgens Group.
South Africa’s government could be looking to introduce a wealth tax as the country struggles to deal with extreme income inequality coupled with a dwindling tax base.
The Australian Securities and Investments Commission (ASIC) has signed a cooperation agreement with the Capital Markets Authority of Kenya (CMA) in a bid to boost financial services technology for both countries.
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