BHI Trust fallout widens as FSCA bans intermediary for 20 years
The FSCA’s latest action highlights the regulatory risks for individuals who may have been linked to the BHI Trust scheme.
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Undisclosed referrals to a competitor FSP lead to debarment
Reconsidering the matter after a High Court remittal, the Tribunal finds the referral activity failed the fit and proper test.
Geldenhuis case postponed again as defence brings in senior counsel
The criminal case stemming from the collapse of Classic Financial Services has been delayed once more, after the defence asked for time to consult newly appointed senior counsel.
Debarment overturned after Tribunal criticises ‘desktop’ investigation
A failure to verify a client’s income amounted at most to negligence, but the evidence did not justify debarment for dishonesty.
Appeal court leaves FAIS debarment ruling intact
The Full Bench finds that the information available to the FSP was sufficient to justify initiating the statutory debarment process.
Last call for accessible FAIS-aligned entry qualifications at MBSE
With applications closing on 15 June, MBSE’s FETC NQF 4 programmes offer a final chance to secure recognised FAIS credits before more restrictive replacements take effect.
New ‘MyWealth Method’ group surfaces as investigations grind on
A Telegram group reviving the MyWealth name is promoting crypto investment opportunities, as the FSCA’s investigations linked to earlier enforcement actions continue.
Settlement clarifies interplay between disclosure and suitability in annuity advice
A settlement facilitated by the FAIS Ombud highlights that full disclosure of product terms does not, on its own, satisfy suitability obligations under the Code of Conduct.
Equality Court: 2021 licence relief did not extend to FSPs
Ministerial Directives issued in July 2021 applied only to specified businesses under the Businesses Act, not to FAIS-regulated FSPs.
Debarment set aside after Tribunal flags timing discrepancies
The effective date recorded on the FSCA’s register pre-dated any opportunity to make representations.
Suspects allegedly linked to global fraud scheme arrested in multi-agency operation
Authorities allege the syndicate convinced individuals from countries such as Australia, the US, and the UK to invest more than R1 billion.
Tribunal misapplied legal test in debarment reconsideration, High Court rules
The FST erred because it focused on contractual obligations rather than the broader fit and proper requirements.
Cyber compliance is now a mandatory aspect of an FSP’s risk management
With data breaches costing firms tens of millions per incident, Joint Standard 2 forces financial institutions to strengthen governance, monitoring, and incident response.
FSCA clears crowd-farming platform of unauthorised financial services
But the Authority fines Livestock Wealth and its CEO for displaying a partner FSP licence in a ‘misleading’ way.
Ombud case highlights risk of mismatched annuity advice and implementation
Consumers must understand product terms and ensure documentation accurately reflects agreed guarantees and beneficiaries.
FSCA licenses most crypto provider applicants – as enforcement tightens
The rising number of investigations and inspections underline a shift from registration to active supervision.
Ensure you understand exclusions in business all-risks policies
A drone listed on a policy wasn’t insured for its main purpose. This case is a reminder that exclusions can cancel out the protection you think you’ve bought.
