The Financial Sector Conduct Authority has revoked its administrative penalty against My Wealth Dias (Pty) Ltd and its 20-year debarment of Charl Francois Coetzee (pictured), more than two years after imposing the sanctions following an investigation into the My Wealth group’s activities.
The regulator said the decision does not overturn the findings of its investigation, nor will the investigation be conducted afresh. Instead, the revocations stem from separate legal and procedural considerations that emerged after the original enforcement action.
On 12 March 2024, the FSCA imposed an administrative penalty of R15.1 million on My Wealth Dias for contravening section 11(1) of the Banks Act and debarred Coetzee from participating in the financial sector for 20 years. The regulator’s investigation had found that My Wealth Dias contravened section 11(1) of the Banks Act and that Coetzee had attempted to, conspired with, or aided and abetted the contravention.
At the time, the FSCA also imposed a separate administrative penalty of R58.8m on My Wealth Method (Pty) Ltd for a contravention of the same provision of the Banks Act.
Read: FSCA fines MyWealth DIAS and MyWealth Method more than R73m
In a media release issued on 4 September 2026, the FSCA said it had revoked the penalty imposed on My Wealth Dias because, under the memorandum of understanding between the FSCA and the Prudential Authority, only the power to investigate contraventions of section 11 of the Banks Act had been expressly delegated to the conduct regulator. The power to impose an administrative penalty under section 167 of the Financial Sector Regulation Act had not been delegated.
As a result, the findings relating to the alleged contravention of section 11(1) of the Banks Act will be referred to the PA for consideration.
The FSCA’s announcement suggests that the issue relates to the authority to impose the penalty rather than to the substance of the investigation’s findings.
The regulator said the revocation of Coetzee’s debarment is unrelated to the delegation issue.
Instead, it wishes to consider additional information submitted by Coetzee in an application for reconsideration before the Financial Services Tribunal. According to the FSCA, this information was not before it when the original debarment decision was taken.
After considering the investigation findings, together with the additional information, the FSCA will decide whether further enforcement action against Coetzee is appropriate.
In March 2024, the FSCA said its investigation found that My Wealth Method and My Wealth DIAS had issued, marketed, and sold shares to members of the public without authorisation, promising returns of up to 400%. The regulator said there was no legitimate investment activity generating those returns and concluded that, in essence, My Wealth Method operated a Ponzi scheme.
Subsequent FSCA actions included a public warning concerning My Wealth Legatus (Pty) Ltd, which the regulator said might be carrying on the business activities of My Wealth Method and My Wealth Dias, and further investigations involving entities linked to the broader My Wealth group.
The FSCA’s latest announcement refers only to the penalty imposed on My Wealth Dias and the debarment of Coetzee. It does not address the separate R58.8m administrative penalty imposed on My Wealth Method on the same day.
Moonstone has asked the FSCA whether the delegation issue identified in relation to the My Wealth Dias penalty also affects the My Wealth Method penalty and whether that penalty remains in force. This article will be updated once the FSCA’s response is received.
