Latest news with #VanDeventer
The Citizen
09-07-2025
- Business
- The Citizen
FSCA issued fines to the value of almost R200 million last year
The FSCA is an independent institution established to ensure a fair and stable financial market where consumers are informed and protected. The Financial Sector Conduct Authority (FSCA) issued fines for various contraventions of financial laws last year to the value of almost R200 million, with an increase of 59% in new cases between 1 April last year and 31 March this year. According to the FSCA Regulatory Actions Report, the authority debarred 131 people, issued 107 public warnings, referred 14 enforceable undertakings to the police, finalised 633 investigations, suspended 24 licences, withdrew 382 licences and issued 13 directives. This was the third edition of the report, which aims to advance the FSCA's strategic objective of upholding confidence and integrity in the financial sector by increasing the visibility of enforcement activities, deterring misconduct, and raising awareness of regulatory requirements. The report also reflects the FSCA's ongoing efforts to embed the principles of Treating Customers Fairly across the sector and to take firm action against misconduct. These efforts are essential to building and maintaining trust in financial institutions and markets. ALSO READ: FSCA fines Middelburg insurance broker R1 million and debars her for 15 years FSCA protects integrity of financial institutions Gerhard Van Deventer, divisional executive for enforcement at the FSCA, says to support these objectives, the FSCA implemented mechanisms aligned with the Protected Disclosures Act and ensuring confidentiality and anonymity where required, including a dedicated whistle-blower hotline, a protected disclosure protocol and flexible reporting channels to facilitate the submission of information to enforcement teams. Van Deventer says financial customers must be able to rely on the integrity of licensed institutions, and the FSCA acts decisively where conduct poses material risks, as reflected in the number of debarments and licence withdrawals. Cases involving unregistered insurance business increased by more than 134%, with most linked to the funeral parlour sector, Van Deventer says. The report details a range of enforcement actions, including the imposition of 51 administrative penalties amounting to R119 829 523. R82 443 540 was imposed for contraventions of the Financial Advisory and Intermediary Services Act, while a total of R68 million was imposed on the investigated parties in the N-e-FG matter, where funds were invested without the consent of clients. Penalties of another R16 985 000 were imposed for contraventions of the Financial Intelligence Centre Act for failing to implement measures to stop money laundering and terrorist financing. ALSO READ: FSCA fines 2 pension fund bosses R30 million each, debars them for 30 years FSCA's key objective to protect financial customers Van Deventer says the FSCA's key objective is the protection of financial customers, and therefore, 131 individuals were debarred, mostly for dishonest conduct and false policies. 'This marks a decline from the previous period, likely due to targeted interventions and greater public visibility.' Suspensions and withdrawals of licences were done to protect financial customers. Van Deventer says the FSCA can suspend a license where the non-compliance can be remedied, and the number of suspended licences decreased significantly, while licence withdrawals, on the other hand, increased markedly. 'This shift is primarily due to the process cycle for suspensions and withdrawals related to the non-submission of statutory returns. Over 90% of licence withdrawals were due to non-submission of returns, while the rest were linked to serious misconduct.' Van Deventer says contraventions of the Financial Sector Regulation Act, including impersonation of FSCA personnel and unlawful association, are part of a growing global trend in online harm. ALSO READ: FSCA's Regulatory Actions Report shows impressive numbers of enforcement FSCA identified these risk areas with heightened risk He points out that the report underscores several heightened risk areas that will inform the FSCA's enforcement priorities in the year ahead: Online harm, including social media scams, signal providers and finfluencers. Misuse of financial licences to front unauthorised operations. Regulatory examination fraud. Misleading advertising and inappropriate product claims. Non-compliance with AML/CFT risk and control frameworks. Since crypto has been recognised as a financial product, a dedicated investigation team has been investigating unlicensed crypto traders. By 12 May this year, the FSCA received 453 licence applications, with 264 approved, 109 voluntarily withdrawn, and 11 declined. The FSCA launched 36 crypto investigations and closed 21, while 15 are ongoing.
The Citizen
26-06-2025
- The Citizen
Outrage grows over rising child begging at north intersections
A chilling moment at the R80 and Brits Road intersection has sparked a wave of anger among Pretoria North residents after a small child was seen weaving between vehicles, begging for money with a pink cup, while her mother watched from the roadside. According to a local resident who witnessed the scene, Bernie van Deventer, the child ran past the front of an SUV just as the traffic light was about to turn green. He said the child's head was barely above the bonnet, and if it was a second earlier, the driver wouldn't have seen her and she could have been killed. What shocked Van Deventer even more was the mother's apparent indifference. 'She sat on the side of the road like it was normal. No panic, no urgency, just watching her child play in traffic. 'It's not just heartbreaking, it's infuriating,' he said. These scenes are becoming increasingly common in Pretoria North, Sinoville, and Montana, where residents report seeing children running into the road at peak hours while parents or adult handlers look on. Van Deventer asked why these children were not in school, why no one is stopping this and how many must die before something changes. While the public raises alarm, the metro admitted its powers to intervene are limited. According to spokesperson Lindela Mashigo, the metro's social workers respond to cases involving children in danger only once they are reported, and must follow a strict legal process. 'The removal of children from their parents solely because they are begging does not meet the legal threshold for intervention,' explained Mashigo. He referenced the 2012 C and Others v Gauteng Department of Social Development Constitutional Court judgment, which ruled that social workers must conduct a comprehensive investigation and cannot remove children without a valid legal reason. He said the law does not allow arbitrary separation of children from their parents. 'Begging alone is not enough. There must be proven neglect or danger.' Yet to residents, the danger is clear. The R80-Brits intersection is notorious for fatal accidents. Tow trucks often idle nearby in anticipation of crashes. 'It's a death trap, and we're watching children become part of it. This isn't just poverty, it's neglect. It's exploitation.' CMR North, a designated child protection organisation, agrees. It treats street begging involving children as a combination of neglect, abuse, and exploitation, often linked to deeper systems of informal trafficking. General manager Dr Ronel Aylward said these are not isolated cases of poverty. 'Children are sometimes 'rented' to adult beggars or moved across suburbs to generate income. This is a form of modern-day child exploitation.' The organisation explained that while it is legally empowered under Section 152 of the Children's Act to remove children in immediate danger, it is often hindered by a lack of information, shifting locations, and unco-operative adults. 'False names, fake addresses, undocumented families, we see it all,' said Aylward. Despite these obstacles, she said they respond to every reported case and are calling for more co-ordinated action. 'We need stronger partnerships with SAPS, Tshwane Metro Police, and immigration authorities. But we also need public co-operation. 'Giving money to a child on the street may feel compassionate, but it feeds the cycle. Report it instead.' The metro confirmed that social workers are available across Tshwane regions and offer support, such as food parcels and referrals to Sassa or government departments. However, Mashigo acknowledged it keeps no official record of how many children have been removed from street begging situations, and there is no dedicated team monitoring high-risk intersections like Brits Road. 'The way I see it,' the resident said, 'we're going to see headlines about a child being killed at an intersection, and suddenly, TMPD and politicians will act. But by then it'll be too late. One more life wasted.' Aylward said children belong in classrooms, not at traffic lights. The organisation has called on concerned residents to report any sightings of children begging at intersections. Reports should include the location, time, a description of the child and any adult present, and, if possible, a photograph. 'Your report might be the intervention that saves a life,' it said. Do you have more information about the story? Please send us an email to bennittb@ or phone us on 083 625 4114. For free breaking and community news, visit Rekord's websites: Rekord East For more news and interesting articles, like Rekord on Facebook, follow us on Twitter or Instagram or TikTok. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
