Tribunal upholds debarment over ‘ghost quotes’
The FST found that repeated creation of phantom quotes and unauthorised ITC checks breached honesty and integrity standards.
Debarment
Tribunal sets aside debarment of rep who failed a polygraph test
Polygraph testing alone cannot establish dishonest conduct; where the circumstantial evidence is weak or contradictory, debarment is a disproportionate sanction.
Tribunal dismisses N-e-FG executives’ ‘restorative justice offer’
In exchange for their admissions, they sought to substitute their debarments with an undertaking to repay R470m in client losses.
Tribunal upholds debarment for unauthorised transactions
Despite claims of verbal consent from her client, the FST found the adviser’s informal arrangements did not satisfy the requirements for written, explicit authorisation.
Lack of full and frank disclosure sinks FSP’s licence application
The Tribunal agrees with the FSCA that the entity’s key individual did not ‘come clean’ about her past misconduct.
Tribunal sets aside broker’s debarment based on contractual grievances
The FSP’s allegations that the representative violated the terms of the settlement and service agreements did constitute a material breach of the FAIS Act.
Tribunal upholds R1m fine and 15-year debarment for unlicensed trading
Mareo-John Nel breached the FAIS Act after signing an enforceable undertaking to remedy the same unlawful conduct he committed previously.
Tribunal upholds strict timing for FSP debarments
Section 14(1)(b) of the FAIS Act cannot be stretched to catch misconduct discovered after a representative’s tenure.
Reappointment, not a stopwatch: Tribunal on FSP debarment durations
Unlike FSCA-imposed bans with fixed terms, debarments driven by an FSP stay in force until another FSP is convinced a rep is Fit and Proper.
Former financial planner’s debarment over client loans upheld
The Tribunal confirmed Standard Bank’s decision to debar its representative for borrowing thousands of rands from his clients and failing to disclose his outside business activities.
R1.18m fine and five-year debarment for unauthorised CFD trading
The FSCA’s investigation also found that Petrus Rasmus Erasmus provided trading signals without a licence.
Five years to finalise an investigation and impose a sanction is ‘unreasonable’
The Tribunal says individuals who are subject to administrative action are entitled to fair processes that include the speedy finalisation of their matter
Tribunal sets aside debarment, citing inadequate notification
The FSP used an email address it obtained from a credit bureau, but the rep denied this address belonged to her.
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.
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.
