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Tag Archives | Debarment

Debarment – FSCA’s role in the process

The FSCA’s Guidance Notice 1 of 2019 clarifies the requirements for debarment as described in Section 14(3) of the FAIS Act with which an FSP must comply when debarring a person. The Guidance Notice also outlines the FSCA’s role in the process. Role of the FSP When a debarment has been affected, the FSP must […]

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Debarment – 3 critical steps to comply

The FSCA’s Guidance Notice 1 of 2019 clarifies the requirements for debarment as described in Section 14(3) of the FAIS Act with which an FSP must comply when debarring a person. It is important that these requirements should be contained in an FSP’s policies and procedures governing its debarment process. The Guidance Notice shares the […]

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Fairness in Debarment Procedures

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 […]

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Appeal Board Reduces Debarment Period

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 […]

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Debarment Guidelines Withdrawn

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titled “Guideline on the Determination of Reappointment of Debarred Representatives”, published on 13 July 2011, was withdrawn in a notice published on Friday, 20 October 2017.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 […]

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Debarment and TCF

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 […]

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Reinstatement after Debarment

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 […]

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Debarment Update

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 […]

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