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Tag Archives | FAIS act

Forgive and forget – so ‘no need’ to disclose debarment

Forgive and forget – so ‘no need’ to disclose debarment

The owner of a brokerage asked the Financial Services Tribunal to award him R2 million in damages because the FSCA refused to grant his firm an FSP licence. The regulator rejected the firm’s licence application because its sole key individual, director and shareholder did not comply with the fit and proper requirements. The tribunal also […]

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Financial soundness exemption Claims of hardship must be ‘adequately’ supported

Financial soundness exemption? Claims of hardship must be ‘adequately’ supported

“Merely claiming” that compliance with the financial soundness requirements will create hardship is not “reasonable grounds” for justifying an exemption from section 45(2) of Board Notice 194 of 2017. Such claims must be “adequately” supported at the time an exemption application is made. This was the finding of the Financial Sector Tribunal when it upheld […]

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Transgression of employment contract not grounds for debarment

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 the Tribunal, the applicant appealed against her second debarment by the FSP. The Tribunal set aside the first debarment on the grounds […]

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