“Unless debarment procedures are fair, reasonable and lawful, decisions taken to debar persons can be, and will be, overturned on technical grounds following an application to the Tribunal to reconsider any such decision”, Alan Holton shared last year. His comment was related to the changes in the debarment process, following the replacement of the entire […]
In a recent (5 October 2018) matter heard before the Financial Services Tribunal, the applicant, Ms X, applied for a reconsideration of a decision taken by the respondent, Y (the FSP). The FSP had taken the decision to debar the applicant based on the recommendation of the chairperson who presided at the debarment hearing. The […]
A recent case before the FSB Appeal Board saw the period of debarment halved which is an interesting deviation from previous views held by the Board on its powers to interfere in decisions by the Registrar. In May last year we published an article in which we discussed this very matter: Appeal Board and powers […]
The document titled “Guideline on the Determination of Reappointment of Debarred Representatives”, published on 13 July 2011, was withdrawn in a notice published on Friday, 20 October 2017. No reason for the withdrawal was given, nor was any indication provided as to whether it would be replaced by an amended guideline. The debarment process is arguably one of the […]
The necessity for a process to ensure that those who fall foul of the fit and proper requirements are not allowed to practice was never in question. In particular, the bad apples need to be discarded. Unfortunately, the application and execution of the debarment process should possibly be regarded as one of the failures of […]
My husband was debarred almost 5 years ago, the reason for debarment was justified and fair. That said I do believe that he has paid enough for his mistakes. Recently an FSP approached him for a position in the short term insurance industry. When he informed them that he was debarred, they said that they […]
The Cliffe Dekker Hofmeyr publication Finance and Banking Alert – 17 October 2016 carries an article titled, Debarment of Delinquent FAIS Representatives. It provides a brief outline of what to do when a FSP intends to have a representative debarred in terms of FAIS as well as the proposed amendments to s14 of FAIS. We […]
A recent Appeal Board decision contained a number of interesting comments regarding the withdrawal of a licence and debarment of a FSP. Background The appellant’s licence was withdrawn as a result of non-payment of the annual FAIS levy. Subsequently, the FSB found that he had submitted a fictitious policy, which led to his debarment for […]
The Board was recently tasked with reviewing a decision by the Registrar to debar Ms LA Teixeira for 5 years and to withdraw the authorisation of her business. The grounds for the Registrar’s decision were that: Ms Teixeira no longer met the character qualities of honesty and integrity contemplated in terms of section 8 of […]
To rephrase the Bard, this should not really be the question – there is a better option. Representatives appointed in the second half of 2013, and the first half of 2014, and who are required to successfully complete the RE 5 by the 30 June 2016, need not be debarred. Such persons can simply be removed from the […]
