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Tag Archives | Appeal Board

Appeal-Board

Unsuccessful Appeal Against Debarment

Cases heard by the Appeal Board of the FSB often provide more stringent legal certainty to matters in the financial services industry, particularly in so far as decisions by the FSB itself and the FAIS Ombud are concerned. We commented before on some cases where the grounds for appeal border on the absurd, seasoned by […]

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Appeal-Board

Appeal Board Reduces Debarment Period

A recent case before the FSB Appeal Board saw the period of debarment halved which is an interesting deviation from previous views held by the Board on its powers to interfere in decisions by the Registrar. In May last year we published an article in which we discussed this very matter: Appeal Board and powers […]

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ombud1

FAIS Ombud Actions Queried

Two issues in the recent Phoshera appeal again saw the Appeal Board ask questions about the FAIS Ombud’s decisions. “This appeal is filled with procedural anomalies. First, there is the question of condonation for the late filing of the application for leave to appeal which had been granted by the Ombud, the late joinder of […]

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Appeal-Board

Appeal Board upholds Ombud Decision

In June we reported on three new cases to be heard by the FSB Appeal Board. One of these concerned a complaint that was dismissed by the Ombud but the client, an advocate, appealed to the Board against the Ombud’s finding. Background The claim was rejected because the vehicle, which was written off in an […]

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accountability_magnifying

Key Individual cannot delegate accountability

In a recent Appeal Board case, the FSP appealed against the FSB’s decision to debar her for five years. One of the grounds she raised was that her secretary failed to inform her of a notification from the FSB informing her of the Registrar’s intent to suspend her licence as she failed to submit a […]

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Ombud

Appeal Board upholds FSB debarment decision

A FSP was suspended on 27 March 2015 for failure to submit a compliance report and not successfully completing the RE1 for key individuals. According to a recent Appeal Board decision, the FSP continued doing business after being notified of the suspension of its licence. This came to the attention of the FSB, who informed […]

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Ombud

Appeal Board Comments on Ombud

In the recent “Prigge” decision, the FSB Appeal Board commented on the FAIS Ombud’s powers and duties in a fairly forthright manner. The information below is taken directly from the Appeal Board decision. Appeal Denied A determination is only appealable to the Board of Appeal with leave of the Ombud after taking into consideration the […]

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Debarment Overturned

Appeal Board and powers of the Registrar to debar

The decision in the Hlumbane case by the Appeal Board of the FSB provides very interesting information about the Board’s powers in terms of decisions made by the Registrar of Financial Services Providers, particularly its discretionary powers. The appeal stems from a decision by the Registrar to debar the appellant for three years. The appellant […]

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TCF

FAIS Ombud to Challenge Appeal Board Rulings

According to an article published in Personal Finance on Saturday, the FAIS Ombud intends appealing against certain findings by the FSB Appeal Board. “Late last year, the Appeal Board of the financial services regulator, the Financial Services Board (FSB), issued rulings against two of the ombud’s determinations, based on interpretations of the law that, she […]

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