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 […]
The latest scathing remarks from the Financial Services Tribunal regarding the Office of the FAIS Ombud’s apparent failure to execute its duties properly need to be seen in the context of the historical development of the office. In the beginning The name Charles Pillai will ring a bell for those who were around when, in […]
The Financial Services Tribunal has sharply criticised the FAIS Ombud for not holding an oral hearing during which material disputes of fact could be aired and considered, before making a finding. The tribunal set aside the ombud’s determination against an FSP who advised his client to invest in Sharemax and ordered her to reconsider the […]
“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 […]
The FSCA says it will abide by the Supreme Court of Appeal (SCA) ruling that the Gauteng Division of the High Court erred in September when it ordered the final liquidation of trading platform JP Markets. The main issues in the appeal were whether the FSCA met the statutory jurisdictional requirements for the exercise of […]
The Financial Sector Tribunal has given the FAIS Ombud a dressing down for failing to apply her mind to an application by an FSP and its representative to have a complaint brought against them to be heard by a court. The appeal, and the original determination that led to it, are the latest episodes in […]
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 […]
It appears that we live in a country where people can flaunt the law at will and get away with it. Reading the daily reports from the Zondo commission makes one’s hair stand on end. This is particularly irksome for those in the financial services environment where claims of over-regulation cannot easily be dispelled. Whilst […]
A recent application for the reconsideration of a decision by the FSCA provides clarity on an aspect which has always been a bit of a grey area. In rather crude terms it is often referred to as rent-a-KI (Key Individual). This is often necessitated when an FSP unexpectedly loses the services of such a person […]
There can be little doubt that the Financial Sector Tribunal has made a huge difference in the industry as far as bringing legal certainty in an environment where the small guys and girls often had to face the wrath of employers, regulators and dispute resolution forums alone. As the Tribunal is an institution operating in […]
