FSCA must set a time limit on debarments, says tribunal
The FSCA cannot debar someone indefinitely – the FAIS Act requires a time limit, the Financial Services Tribunal (FST) said when it set aside this aspect of a debarment order and told the […]
Debarment
Debarment of rep who was employed by two FSPs set aside
The Financial Services Tribunal (FST) has set aside the debarment of a representative who shared confidential proprietary information with his wife and who signed up with a competing FSP while still employed by […]
Tribunal upholds debarment for providing unauthorised advice on Ecsponent preference shares
The Financial Services Tribunal (FST) has upheld Discovery Life’s decision to debar a financial adviser who advised clients to invest in Ecsponent preference shares although he was not authorised or licensed to advise […]
FSCA fines Brite Advisors and former director R12.5m
The FSCA has fined Brite Advisors South Africa (Pty) Ltd and a former director of the group, Nigel James Green, a total of R12.5 million. The Authority said an investigation found that Brite, […]
FSCA overlooked FSP’s response because it landed up in a junk folder, says tribunal
The FSCA’s assumption that an FSP had not responded to one of its questions contributed to its decision to debar him. But a pack of documents the FSP sent the FSCA landed up […]
Tribunal doesn’t accept debarred rep’s attempt to walk back admission
The Financial Services Tribunal (FST) as upheld the FSCA’s decision to debar a life insurance representative who admitted that she submitted unauthorised policy applications but subsequently sought to qualify her admission. What is […]
Tribunal: ‘true test’ for debarment is balance of probability
The case for debarring a representative must be established on a balance of probability, not prima facie findings, the Financial Services Tribunal (FST) said when it upheld a representative’s application for his debarment […]
Representative ‘conspired’ with client to have complaint withdrawn
A representative conspired with a client in an attempt to have the complaint against him withdrawn, the Financial Services Tribunal said in its decision to uphold his debarment. Sanlam Developing Markets (SDM) debarred […]
Tribunal not confident FSP will follow the correct debarment procedure
The Financial Services Tribunal has set aside the debarment of a representative and declined to refer the matter back to the FSP for reconsideration, because the tribunal had no confidence that the FSP […]
Tribunal: FSPs must adhere to section 14 when debarring representatives
The Financial Services Tribunal’s decision in January to set aside the debarment of a financial planner highlights the importance of FSPs adhering to the requirements of section 14 of the FAIS Act and […]
Tribunal not impressed with how FNB debarred employee for the second time
The Financial Services Tribunal has expressed its disapproval of the way in which FNB debarred a representative – and it set aside the employee’s debarment for a second time. FNB dismissed and debarred […]
Tribunal not impressed with how FNB debarred employee for the second time
The Financial Services Tribunal has expressed its disapproval of the way in which FNB debarred a representative – and it set aside the employee’s debarment for a second time. FNB dismissed and debarred […]
Breach of contract can be grounds for debarment
An FSP can institute debarment proceedings against a representative for breaches of contract as long as the contractual breaches also result in a failure to meet the Fit and Proper Requirements or are […]
Financial Services Tribunal does not conduct trials – tips on how to approach it
From a number of recent tribunal decisions, it seems that some intermediaries do not understand the purpose of the Financial Services Tribunal – in particular, that it functions as an appeal mechanism only. […]
Transgression of employment contract not grounds for debarment
Misconduct in terms of an employer’s code of conduct and governance framework are not necessarily grounds for debarring a representative, the Financial Sector Tribunal ruled this month. In the matter that came before […]
Transgression of employment contract not grounds for debarment
Misconduct in terms of an employer’s code of conduct and governance framework are not necessarily grounds for debarring a representative, the Financial Sector Tribunal ruled this month. In the matter that came before […]
Debarment process revisited – Get it right the first time
Judging by how many debarments are overturned by the Tribunal, this appears to be a matter requiring a revisit. On 6 June 2019, the FSCA published Guidance Notice 1 of 2019 to: provide […]
