Tribunal rules against former Sanlam representative in signature dispute
The Financial Services Tribunal dismisses a reconsideration application by a former representative who claimed a client e-signed documents in person.
Debarment
Life insurer debars rep who ‘went off-script’ during sales call
The agent repeatedly deviated from the approved product script. Previous warnings and documented missteps played a key role in the decision.
Debarment set aside as Tribunal distinguishes negligence from dishonesty
The case highlights that debarment is reserved for instances of clear, intentional breaches of integrity, not mere negligence.
Tribunal upholds FSCA’s sanctions for unauthorised advice
FSPs must ensure their representatives operate strictly within their authorised product categories and according to the client’s mandate.
FST ruling reinforces need to follow due process in debarments
The Tribunal finds the FSP skipped critical steps, including notifying the representative and giving her an opportunity to respond.
Tribunal upholds debarments for misusing client information
The decisions show that even thwarted attempts to breach confidentiality signal a critical lapse in integrity.
Funeral home fined R11.4m for unauthorised insurance business
The two directors were debarred for 20 and 10 years, respectively.
Removal firm fined for offering insurance without authorisation
The FSCA fines Kings International Removers R1.1 million and debars its owner for eight years.
FSCA fines funeral service R4.4m for unauthorised insurance operations
The two directors of Hernell Funerals have been debarred for 10 years and five years, respectively.
FSCA slaps R2.1m fine and 20-year ban on unauthorised forex operator
An investigation found that Greyshore Investments solicited deposits while promising to trade on behalf of investors, without the necessary authorisation.
Even serious misconduct requires a fair and lawful debarment process
The Tribunal’s ruling highlights that following the correct process is as important as addressing misconduct in the financial services sector.
No room for dishonesty: Tribunal upholds decision to reject FSP licence
The case illustrates how discrepancies in disclosure can undermine an individual’s suitability for a key role, resulting in the rejection of a licence application.
Agreement can’t override an FSP’s duty to initiate debarment proceedings
The High Court rules on a former employee’s contention that the FSP’s notice of intention to debar was a breach of their settlement agreement.
FSCA fines and debars retirement fund administrator’s directors
Fund members lost at least R470m after N-e-FG’s high-risk investments went south in 2021. Now, two of its directors have been fined R30m each.
Online trader fined R1 million and debarred for 12 years
The Authority’s investigation found that most of Lehumo Securities’ client funds were not invested, and returns were paid out from the funds collected.
R3m fine and 10-year debarment for VBS-linked adviser
The former owner of Gundo Wealth Solutions has been fined R3 million and debarred for a decade for brokering investments into VBS Mutual Bank.
FSCA’s first enforcement action for unauthorised trading signals
The Authority has made good on its undertaking to act against unlicensed trading signal providers, imposing a R1m fine and a 10-year debarment.
