FSCA sets aside R216m fine and 10-year debarment
The Authority has agreed to reconsider the penalties it imposed on ‘Coenie’ Botha, the founder of Coin Based Innovation Global.
Debarment
Exam fraud: FSCA urges financial firms to verify RE certificates
FSPs have a statutory obligation to combat exam fraud by verifying certificates directly with Moonstone or the FSCA.
Two ‘enablers’ of BHI Trust Ponzi scheme hit with 30-year debarments
Craig Warriner’s confession to orchestrating a massive Ponzi scheme has led to 30-year bans for Global & Local’s Michael Haldane and Mauro Forlin.
Middelburg broker slapped with R1 million fine and 15-year debarment
The FSCA levied a R100 000 penalty on Wenru, the financial services provider implicated in the case.
Tribunal upholds debarment of underwriting manager over false claims
SASTUA says the former key individual issued policies under false pretences and submitted duplicate claims for the same items.
Single mother and sole breadwinner pleads for debarment to be lifted
Commercial insurance agent who was debarred for diverting premiums to her bank account asks to be allowed to make a fresh start.
Tribunal sets aside debarment involving dispute over replacement policies
The representative’s conduct of completing contracts as new instead of replacements was not motivated by dishonesty, the FST says.
Broker debarred for adding property to policy after it was set on fire
The house, which belonged to the broker’s brother, was set alight after the sheriff served an eviction letter on the occupant.
Tribunal upholds FSCA’s debarment of adviser accused of stealing clients’ money
The former Old Mutual adviser claimed the complainants were not his clients but his relatives who had agreed to lend him the money.
Immediate resignation following bonus no reason for debarment, Tribunal rules
The FST finds that the FSP’s attempt to use debarment as a tool to resolve an employment dispute is a misuse of the FAIS Act’s provisions.
Allegations that Sanlam adviser forged signatures don’t stand up, Tribunal finds
It was a ‘material factor’ that the specimen signatures were in hard copy, whereas the disputed signatures were electronic.
Contravention must be ‘material’ to justify a debarment, Tribunal says
Decision set aside, although the FSP was correct in finding that the representative contravened the General Code of Conduct.
Sending the details later cannot cure a non-compliant notice of intention to debar
The Tribunal finds that the debarment process followed by an insurance brokerage was not lawful or fair.
CCMA settlement agreement does not invalidate debarment
Tribunal highlights the distinction between the processes that fall under the Labour Relations Act and the FAIS Act.
FSP alleges rep not financially sound because he missed car repayments
The Financial Services Tribunal overturns the debarment because of insufficient evidence of misconduct and lack of financial soundness.
Doing clients ‘a good turn’ doesn’t deserve debarment, rep tells Tribunal
Dismissed adviser says she helped her clients pay their premiums so they could keep their life cover while experiencing temporary financial challenges.
Warriner hit with 30-year debarment as FSCA’s BHI probe continues
The suspension of Global & Local’s licence relates to its relationship with BHI Trust, the FSCA confirms.
