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.
Debarment
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.
‘Adviser assistants’ under supervision are representatives
The Tribunal finds that the applicant’s contractual and supervision agreements meant she was a ‘representative’, placing her within the FAIS framework and its mandatory debarment provisions.
FST upholds debarment of planner who signed advice records without meeting clients
The planner said his employee performed administrative tasks and denied that the engagements constituted ‘advice’ under the FAIS Act.
Associate arrangement justified PSG’s deviation from its debarment policy
The Tribunal says that even informal communications qualify as regulated advice if they involve financial recommendations.
Unauthorised policies falsely attributed to a junior accredited rep
The Tribunal confirms Assupol’s decision to debar a representative after forensic evidence showed he advised on life policies while unauthorised.
FST upholds debarment over ‘ghost caller’ policy
The evidence accumulated by Momentum supported its finding that the agent lacked honesty and integrity.
Policy breaches alone are not enough to justify debarment
The Tribunal said allegations of not following sales scripts may breach internal policy but do not in themselves demonstrate dishonesty or a lack of integrity.
Tribunal upholds R1.18m fine and debarment for unauthorised services
Pierre Erasmus said the sanctions were disproportionate, and his dealings with clients were friendships, not formal business relationships.
Client’s ‘substance-induced’ U-turn fails to convince Tribunal
The client initially swore to non-consent, but in a second affidavit he said drugs clouded his memory, insisting he was present when the policies were initiated.
Tribunal upholds debarment over ‘ghost quotes’
The FST found that repeated creation of phantom quotes and unauthorised ITC checks breached honesty and integrity standards.
