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.
Debarment
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.
Tribunal sets aside debarment of rep who failed a polygraph test
Polygraph testing alone cannot establish dishonest conduct; where the circumstantial evidence is weak or contradictory, debarment is a disproportionate sanction.
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.
Tribunal upholds debarment for unauthorised transactions
Despite claims of verbal consent from her client, the FST found the adviser’s informal arrangements did not satisfy the requirements for written, explicit authorisation.
Lack of full and frank disclosure sinks FSP’s licence application
The Tribunal agrees with the FSCA that the entity’s key individual did not ‘come clean’ about her past misconduct.
Tribunal sets aside broker’s debarment based on contractual grievances
The FSP’s allegations that the representative violated the terms of the settlement and service agreements did constitute a material breach of the FAIS Act.
