Tribunal rejects debarred FNB representative’s ‘prevailing practice’ defence
No evidence that staff were instructed to verify prospective clients’ addresses using blank letters provided by the municipality, FST finds.
Debarment
Debarment is not optional when a rep is no longer fit and proper
Two recent decisions by the tribunal highlight misconceptions about debarment that need to be dispelled.
Is a long delay between the notice of intention to debar and the debarment procedurally unfair?
FNB debars consultant who issued unauthorised letters stating a company was good for up to R900 million in credit.
FST upholds debarment of rep who committed fraud to buy food for her child
The former bank manager’s actions were driven by desperation, but the FAIS Act is not forgiving, the tribunal says.
When does an ‘employee’ become a ‘representative’ who can be debarred?
Material discrepancies about a newly appointed financial planner’s employment history came to light while she was being on-boarded.
Section 14(1) ‘knowledge test’ under the spotlight in two debarment matters
In one case, the FSP was still investigating the alleged fraud when it decided to bar the representative.
Director’s 10-year debarment excessive, tribunal finds
His FSPs were fined a total of R250 000 for selling two products before they were licensed.
Debarment for being paid a referral fee by a competitor not justified, says FST
The employer did not point to a single provision in the FAIS Act, or any other legislation, that prohibits this.
Vital ‘ingredient’ missing in Old Mutual’s notice of intention to debar
The applicant was ‘left to guess’ the factual allegations on which the intended debarment was based, tribunal says.
Settlement agreement with representative sinks FNB debarment
That the parties entered the agreement after the notice of intention to debar had been sent was highly relevant.
Rep debarred for sharing client information while on garden leave
She alleged the evidence of her conduct was obtained through an ‘unlawful search’ of her personal email account.
FSCA imposes R2.5m fine for unauthorised derivatives trading
About R1 million in investors’ funds was misappropriated.
Brokerage debars KI for unauthorised transmission of confidential information
Applicant tells the tribunal she transferred the information to her private Gmail account to support her complaint to the CCMA.
Tribunal sets aside debarment of consultant who changed record of advice
The far-reaching implications of debarment were not justified in the circumstances, the FST finds.
Ex-employees implicated in MyMo accounts scandal take debarments to the tribunal
Former Standard Bank staff contend that the FAIS Act did not apply to their debarment and conduct.
Keenan Ebden fined R1m and debarred for 15 years
More than 600 investors lost their money – some exceeding R1 million each.
Why the tribunal didn’t send this debarment decision back to the FSP
FST’s decision reveals a litany of problems with the procedure followed.
