Director fails to halt publication of JSE censure that includes R2m fine
JSE releases its findings of Khalid Abdulla’s role in AYO’s related-party transactions with 3 Laws Capital and changes to its 2018 unaudited interim results.
Financial Services Tribunal
Representative debarred for submitting falsified Uber receipts
The Tribunal reiterates that FSPs should not issue a debarment purely on the outcome of a disciplinary hearing.
FSP ‘failed to act’ against reps implicated in hundreds of policy fraud cases
Mbalane Financial Services tells the Tribunal it was entitled to wait for a final forensic report from Old Mutual.
Tribunal and PA failed to address ‘whistleblower’s’ applications properly
Judge says the FST did not follow a fair procedure when it summarily dismissed the reconsideration application.
Forex trader seeks to have R20m fine and 20-year debarment reconsidered
Craig Massyn submits the penalties imposed on him were disproportionately large compared to those imposed on the other directors of the Praesidium Group.
Constitutional Court dismisses Sharemax adviser’s appeal
The High Court was asked to rule on whether the clients’ financial loss was caused by breach of agreement or the Reserve Bank’s intervention.
Tribunal rules on Brite’s application to reconsider R10m fine and licence withdrawal
Did the FSCA’s regulatory reach extended to UK pension funds and structures, held offshore, and permitted and regulated by UK and European Union law?
Ombud Council wants to avoid another property syndication complaints scenario
The problems with resolving these complaints also highlight the need to integrate the advice- and the product-related ombud schemes.
Tribunal rejects debarred FNB representative’s ‘prevailing practice’ defence
No evidence that staff were instructed to verify prospective clients’ addresses using blank letters provided by the municipality, FST finds.
Why the FAIS Ombud is closing its files on property syndication complaints
Adjudication of the complaints requires hearings, which are more conducive to a court of law, the Ombud says.
Debarment is not optional when a rep is no longer fit and proper
Two recent decisions by the tribunal highlight misconceptions about debarment that need to be dispelled.
Employer liable for fund member’s reduced withdrawal benefit, says tribunal
FST does not accept submission that the impact of Covid on the markets absolved the employer of liability for the loss.
Is a long delay between the notice of intention to debar and the debarment procedurally unfair?
FNB debars consultant who issued unauthorised letters stating a company was good for up to R900 million in credit.
FST upholds debarment of rep who committed fraud to buy food for her child
The former bank manager’s actions were driven by desperation, but the FAIS Act is not forgiving, the tribunal says.
Tribunal rules on whether traditional insurers can underwrite first-party risks
Prudential Authority rejects application by Pepkor subsidiary Abacus to underwrite the risks of its parent company in addition to third-party risks.
When does an ‘employee’ become a ‘representative’ who can be debarred?
Material discrepancies about a newly appointed financial planner’s employment history came to light while she was being on-boarded.
Section 14(1) ‘knowledge test’ under the spotlight in two debarment matters
In one case, the FSP was still investigating the alleged fraud when it decided to bar the representative.
