Costs order against FSCA for ‘irregular and unlawful’ debarment
The Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.
The Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.
Read moreThe Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.
A provisional sequestration order for the estate of Classic Financial Services director Jacobus Geldenhuis has been granted.
There are differences in the circumstances surrounding the debarments and the reconsideration applications.
The FSP conflated the requirements for debarment under section 14 of the FAIS Act with the requirements and procedure for a debarment by the FSCA.
Insisting on a formal hearing at the Tribunal, and then not attending it, may have unpleasant consequences.
The rep said she corrected the errors herself to avoid inconveniencing the customer and embarrassing the company, not to commit fraud.
The Financial Services Tribunal says the dispute is ‘one of the many cases where employers use labour disputes to debar FSP representatives’.
The sales agent was accused of manipulating quotes to reduce clients’ motor vehicle insurance premiums.
‘A key individual is not only responsible to oversee the categories of financial services for which he is licensed, but he bears an oversight role in relation to the FSP generally.’
An affidavit from the client contradicts the bank’s version that the representative acted fraudulently.
The Financial Services Tribunal hears the reconsideration applications brought by three of the 15 implicated agents.
FNB argued the Tribunal should accord greater weight to the severity of the rep’s misconduct than to ‘procedural mis-steps’.
The FST emphasises that labour-related and FAIS-related matters are distinct.
The FST questions why he would take a call on his private cellphone from a friend of a friend and access confidential information without authority.
The debarment procedure did not comply with the FAIS Act in a number of ways, the FST finds.
The Financial Services Tribunal hears another case involving a representative who ‘completed’ proof of address letter on clients’ behalf.