NATIONAL ASSEMBLY
QUESTION FOR WRITTEN REPLY
QUESTION NUMBER: 564 [NW647E]
DATE OF PUBLICATION: 18 JULY 2014
564. Dr D T George (DA) to ask the Minister of Finance:
1) Whether the Financial Services Board has imposed any
administrative fines during the period 1Â June 2009 up to the
latest specified date for which information is available, if so,
what are the names of the entities that were fined, including (a)
the fine amount (b) the reason for the fine;
2) whether the fine amount was (a) received and (b) paid to National
Treasury:
NW647E
REPLY:
1) The Financial Services Board (FSB) imposes two types of administrative
penalties. Penalties may be imposed by the Registrar for late
submissions of reports as provided for in the different sectorial
pieces of legislation.
In addition, the Registrar may refer alleged contraventions of all FSB
laws to the independently constituted FSB Enforcement Committee. The
Enforcement Committee may impose administrative penalties if it finds
that FSB legislation has been contravened. The following
administrative penalties were imposed since 1Â April 2009.
|Period |Amount |
| |R |
|2009/2010 |5Â 457 635 |
|2010/2011 |3Â 255 343 |
|2011/2012 |7Â 200 614 |
|2012/3013 |16Â 044 960 |
|2013/2014 |9Â 759 080 |
|Total imposed|41Â 717 632 |
Of this total amount, R26Â 002Â 066,19 has been received and the balance
amounting to R15Â 715Â 565,81 is either being paid off by way of
instalments, or in the process of being collected or have been written
off as unrecoverable.
2) No amounts received for this purpose are paid to the National
Treasury. Penalties recovered are deposited into a ring-fenced fund
and are exclusively disbursed for consumer education and protection of
consumers in terms of an approval granted by the Minister of Finance
or in terms of section 6H of the Financial Institutions (Protection of
Funds) Act, 2001.
The FSB is prohibited from utilising these funds in any other manner,
including for its operational expenses.