Tribunal: FSCA cannot impose joint-and-several penalties under section 167
The FST says the factors in section 167 of the FSRA are individual in nature and must be assessed in determining the appropriate penalty for each person.
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ABC’s CEO steps down after debarment over Altvest share trades
Warren Wheatley says the matter involved three trades in 50 shares worth R301 while he was testing a stockbroker platform.
Tribunal halves former trader’s market-manipulation penalty
The FSCA improperly allowed cost-recovery considerations to influence the sanction and did not assess the applicant’s financial benefit separately from his client’s.
FSCA slaps Banxso and directors with record R2bn fine
The Authority says the penalties reflect the financial benefit gained from unlawful conduct and the harm to clients – handing 30-year debarments to several Banxso executives.
Multimillion-rand penalties levied across Medbond Group
The FSCA imposes a R197m fine on Medbond Insurance Brokers and its principal, whom it debarred for 30 years.
R12.6m fine, 15-year ban send strong warning on unauthorised insurance
The FSCA’s investigation concluded that South African Relocations and The Relocations Group offered marine insurance without registration.
Twenty-year debarment and R9m fine for unauthorised ‘forex trading’
The Authority found that most investor funds were used to pay ‘returns’ to other investors and cover personal expenses.
Alternative stock exchange resolves ‘opt out’ listings dispute with FSCA
A2X says it will pay the fine, adding the vast majority of the affected companies have elected to retain their secondary listings.
Tribunal dismisses N-e-FG executives’ ‘restorative justice offer’
In exchange for their admissions, they sought to substitute their debarments with an undertaking to repay R470m in client losses.
Funeral home fined R11.4m for unauthorised insurance business
The two directors were debarred for 20 and 10 years, respectively.
Removal firm fined for offering insurance without authorisation
The FSCA fines Kings International Removers R1.1 million and debars its owner for eight years.
FSCA fines funeral service R4.4m for unauthorised insurance operations
The two directors of Hernell Funerals have been debarred for 10 years and five years, respectively.
FSCA fines and debars retirement fund administrator’s directors
Fund members lost at least R470m after N-e-FG’s high-risk investments went south in 2021. Now, two of its directors have been fined R30m each.
Online trader fined R1 million and debarred for 12 years
The Authority’s investigation found that most of Lehumo Securities’ client funds were not invested, and returns were paid out from the funds collected.
Director fined R500 000 for rendering unlicensed financial services
The FSCA found that Shoayb Joosub offered financial services to about 270 Sukuk clients through Anglorand Islamic without being authorised as a representative.
