Nedbank rebuked for violating imitation clause

Allan Gray has narrowly won the battle against Nedbank in a fight over whether the latter copied its advertisements. The investment manager is unhappy about Nedbank’s ‘Bank Your Time’ advertising campaign, which aims to show that its digital banking solutions can help save time for their clients.

Riches to rags for online trader

Trading platform AfriMarkets has had its licence provisionally withdrawn and bank accounts and assets frozen due to concerns that its aggressive sales tactics and possible association with deepfake advertisements posed a risk of harm to clients and the public.

South Africa's SWIFT access not at risk

National Treasury has said it sees very little risk of SA banks losing access to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, the messaging network over which international payments are made, according to News24.

SARS flags crippling illicit trade

The SA economy loses billions of rands to tax evasion and illicit financial flows annually, but the SARS continues to wage its battle against tax fraud.

Call for law to stop bank account closures

THE #RacistBanksMustFall movement in SA has called for legislative intervention in the wake of a US executive order designed to prevent banks from closing accounts based on political or religious beliefs, reports The Star.

Regulator targets surge in online scams

SA’s financial-markets regulator is ramping up its operations to combat a surge in online scams, reports Moneyweb.

Almost R730m recovered from looted VBS

Nearly R730m has now been clawed back from the wreckage of VBS Mutual Bank, the SARB’s Prudential Authority (PA) said in its latest annual report, according to TimesLIVE.

SARB pushes for new payments regime

The SARB is pushing for an overhaul of the country’s payments regime with non-banks set to enter the clearing and settlement system in a move that will see the hegemony of the traditional banks further challenged by fintechs.

Green light for HSBC transfers to FirstRand

FirstRand has received regulatory approval for the transfer of clients, banking assets and liabilities and employees of HSBC’s branch in SA.

Reserve Bank appeals cryptocurrency ruling

The SARB yesterday filed an appeal against a Gauteng High Court (Pretoria) ruling that cryptocurrencies are not subject to SA exchange control regulations.

Woman loses unique battle against bank

Gail Roux has been sued by First Rand Bank – demanding repayment of money it claimed to have lent her because she ‘does not do affidavits’ and does not acknowledge the authority of courts.

Ithala Bank seeks access to R863m in frozen funds

Ithala Bank yesterday brought an urgent application before KZN High Court (Pietermaritzburg) Judge Muzi Ncube in a bid to access frozen funds to pay staff salaries after the SARB’s Prudential Authority (PA) suspended all activities on the bank’s accounts in January.

Only two employers convicted for pension non-payment

In more than five years, only two employers have been found guilty of not paying the pension fund contributions of their workers.

VBS clients on the ropes

Despite the recovery of R617m in looted funds from VBS Mutual Bank, many clients who invested their savings in the bank have lost most of their money.

Bank client must repay funds transferred in error

Bank transfers made in error are not gifts which can be spent, a judge once again reminded clients who receive unaccounted for money in their accounts.

Postbank blamed for Sassa gold card crisis

Postbank's top brass came under fire from MPs who denounced the entity for its poor planning in preparing millions of SA Social Security Agency (Sassa) beneficiaries to replace their gold cards with the new black cards.

R60bn class action against banks draws nearer

Hundreds of owners who had their homes repossessed – primarily due to missed bond payments – and then sold for a fraction of their true value, may be a step closer to justice as the long-awaited R60bn class action against banks is expected to soon get off the ground.

Banxso attacks law firm in liquidation battle

Banxso has alleged that the actions of Mostert & Bosman, the law firm leading a liquidation application against it, are not in the best interest of its clients, Moneyweb reports.

Ithala claims solvency in bid to remain open

Ithala Bank has revealed its financial details, insisting that it is solvent. The Mercury reports the details are contained in the urgent interdict application which was filed by Ithala last week. In the application, it sought to challenge the decision of the Repayment Administrator (RA) to place a hold on the bank’s activities.

Regulator seeks Ithala liquidation

The Prudential Authority’s (PA’s) patience with embattled KZN-owned development agency Ithala has finally run out, with the regulator seeking the company’s liquidation – in a move to protect more than 250 000 depositors.