Rep’s version of accessing client’s account ‘doesn’t ring true’, says Tribunal
The FST questions why he would take a call on his private cellphone from a friend of a friend and access confidential information without authority.
Debarment
Tribunal rules in favour of rep who found out about her debarment from the FSCA
The debarment procedure did not comply with the FAIS Act in a number of ways, the FST finds.
Former bank employee’s ‘good intentions’ not enough to avoid debarment
The Financial Services Tribunal hears another case involving a representative who ‘completed’ proof of address letter on clients’ behalf.
FSP debars representative for not returning a tablet
The fact that the applicant did not sell any products or receive remuneration did not nullify his status as a representative.
Tribunal hands down decision in another MyMo accounts scandal case
Standard Bank debarred a branch team leader for using her own money to activate four accounts without the customers’ consent.
Tribunal sets aside Capitec’s debarment of a rep who joined a competitor bank
The jurisdictional fact required for the debarment was absent.
Representative debarred for submitting falsified Uber receipts
The Tribunal reiterates that FSPs should not issue a debarment purely on the outcome of a disciplinary hearing.
Forex trader seeks to have R20m fine and 20-year debarment reconsidered
Craig Massyn submits the penalties imposed on him were disproportionately large compared to those imposed on the other directors of the Praesidium Group.
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 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.
