Tag Archives | Debarment


Condonation of late application for reconsideration of debarment

The recently updated Financial Services Tribunal Consolidated Rules contain the following stipulations regarding time frames: An application for reconsideration must be made: if the applicant requested reasons in terms of section 229 of the Act, within 30 days after the statement of reasons was given to the applicant or in all other cases, within 60 days […]

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Debarment proceedings time bar clarified

An interesting recent finding by the Financial Sector Tribunal sheds some light on how sec 14(5) of the Financial Sector Regulation Act 9 of 2017 should be interpreted. The applicant applied for the reconsideration of his debarment under sec 14 of the Financial Advisory and Intermediary Act 37 of 2002 by the respondent. The original […]

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Two wrongs doth not a right make

Regular readers will know that I have expressed my frustrations in the past with people who approached the Financial Sector Tribunal for leniency despite being blatantly dishonest. A recent decision by the Tribunal had a different slant, but the same result. A young man, after making a human error, followed the wrong path to try […]

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Dishonesty and debarment

A recent Financial Sector Tribunal decision raised two very interesting perspectives on when dishonesty should not be used as grounds for debarment. Case number one The debarment was based on a finding that the applicant lacked the quality of honestly. He was found guilty of misconduct and dishonesty in terms of the Bank’s Disciplinary Code […]

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Debarments – Don’t put your head in the sand

On 1 April 2018, the debarment process under the FAIS Act was amended by the Financial Sector Regulation Act 9 of 2017 (FSRA). Since then, many debarment cases have been referred to the Tribunal. In some cases, the outcome was that the debarments have been uplifted and in some it was remitted back to the FSP […]

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Non-compliance leads to administrative penalty and debarment

Failure to comply with regulatory requirements can be a costly mistake. In a recent case, the Financial Sector Conduct Authority (FSCA) withdrew the FSP licence of Dikwena Funeral Parlour (Pty) Ltd, debarred Mr. Simon Mahlaola and imposed an administrative penalty of R3.9 million (inclusive of costs) on Dikwena. According to the FSCA, Dikwena was previously […]

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Should a separate debarment hearing follow after disciplinary hearing? – Supreme Court of Appeal clarifies the issue

by Joani van Vuuren, Shane Johnson, Siya Ngcamu of Webber Wentzel In a recent decision, the Supreme Court of Appeal (SCA) considered the interplay between disciplinary inquiries convened under the Labour Relations Act 66 of 1995 (LRA) and debarments of representatives under the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act). The […]

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