Common pitfalls in succession planning for small FSPs
The assumption that heirs will smoothly take over a small FSP is often unrealistic. KI requirements, leadership gaps, and legal delays can threaten business continuity.
#FaisAct
Removal firm fined for offering insurance without authorisation
The FSCA fines Kings International Removers R1.1 million and debars its owner for eight years.
FSCA fines funeral service R4.4m for unauthorised insurance operations
The two directors of Hernell Funerals have been debarred for 10 years and five years, respectively.
BHI Trust: R12.4 million recovered, R1.5 billion still at stake
The joint trustees have managed to recoup R12.4m, but R1.5bn remains in claims. The efforts to recover funds through settlements, asset recovery, and legal action continue.
Ithala hits back: sharp criticism of Reserve Bank’s liquidation move
Ithala accuses the appointed repayment administrator of overstepping his authority, while the Prudential Authority moves to liquidate the entity.
FSCA slaps R2.1m fine and 20-year ban on unauthorised forex operator
An investigation found that Greyshore Investments solicited deposits while promising to trade on behalf of investors, without the necessary authorisation.
FSCA crypto licensing update: more than 240 CASPs approved
Of the 420 CASP licence applications received, nine were declined, while 106 applications were voluntarily withdrawn.
Repeat offender hit with R1m fine and 15-year debarment
Mareo Nel resumed unauthorised forex trading despite signing an enforceable undertaking in 2021.
Even serious misconduct requires a fair and lawful debarment process
The Tribunal’s ruling highlights that following the correct process is as important as addressing misconduct in the financial services sector.
No room for dishonesty: Tribunal upholds decision to reject FSP licence
The case illustrates how discrepancies in disclosure can undermine an individual’s suitability for a key role, resulting in the rejection of a licence application.
Agreement can’t override an FSP’s duty to initiate debarment proceedings
The High Court rules on a former employee’s contention that the FSP’s notice of intention to debar was a breach of their settlement agreement.
CPA amendments: will financial services face stricter direct marketing rules?
Experts weigh in the impact on financial services of a proposed opt-out registry to protect consumers from unwanted marketing.
Dispute over cancelled policy: FST orders FAIS Ombud to reconsider decision
The Tribunal’s decision underscores that financial advisers’ duties are limited to the specific terms of their engagement.
Should all tokens be equal in the crypto market?
As the regulatory framework develops, many questions remain – particularly around whether all tokens, from fungible coins to unique NFTs, will be regulated the same way.
R3m fine and 10-year debarment for VBS-linked adviser
The former owner of Gundo Wealth Solutions has been fined R3 million and debarred for a decade for brokering investments into VBS Mutual Bank.
FSCA’s first enforcement action for unauthorised trading signals
The Authority has made good on its undertaking to act against unlicensed trading signal providers, imposing a R1m fine and a 10-year debarment.
Innocent mistake? Tribunal sides with FSP in confidentiality breach case
The rep claimed he never meant to harm the FSP, but the FST found his actions violated the FAIS Act and demonstrated a lack of integrity.
