Debarment overturned after Tribunal criticises ‘desktop’ investigation
A failure to verify a client’s income amounted at most to negligence, but the evidence did not justify debarment for dishonesty.
Debarment
Appeal court leaves FAIS debarment ruling intact
The Full Bench finds that the information available to the FSP was sufficient to justify initiating the statutory debarment process.
FST sets aside debarment after finding contradictions in forensic evidence
Sanlam found that the client’s signatures were forged, but its own handwriting expert came to a different conclusion.
FST affirms strict honesty standard in document alteration case
The Tribunal upholds the debarment of an F&I consultant who altered delivery and witness details on vehicle finance documents.
Sanlam’s conflict-of-interest findings upheld in debarment reconsideration
The FSP was entitled, on the information before it, to conclude that the rep no longer satisfied the fit and proper requirements.
Transfer of client data justified debarment, Tribunal finds
Transferring client data to a personal, unauthorised account is sufficient to undermine the trust and integrity required of a representative.
Debarment set aside after Tribunal flags timing discrepancies
The effective date recorded on the FSCA’s register pre-dated any opportunity to make representations.
Tribunal misapplied legal test in debarment reconsideration, High Court rules
The FST erred because it focused on contractual obligations rather than the broader fit and proper requirements.
Tribunal upholds debarment despite rep’s remorse and financial hardship
The falsification of an insurance claim and improper referral payments are incompatible with the fit and proper requirements.
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.
Classic Financial’s Geldenhuis in court after four-year wait, first LDA lodged
Classic Financial Services edges closer to closure as the first liquidation and distribution account is formally lodged for public inspection.
Tribunal sets aside OUTsurance debarment over evidentiary gaps
The insurer did not provide supporting documents or call recordings that could resolve the material disputes of fact.
Tribunal: Debarments invalid without proper notice
Despite a guilty plea at a disciplinary hearing, a rep’s debarment was set aside after the Tribunal found the FSP had not followed the prescribed process.
FST upholds debarment of rep who let his debarred brother advise clients
The former Sanlam Life representative claimed his brother only assisted him in an administrative or logistical capacity.
