Director’s 10-year debarment excessive, tribunal finds
His FSPs were fined a total of R250 000 for selling two products before they were licensed.
Financial Services Tribunal
Automated payment is not a defence to pension interest claims
The fund said the automated payment of the spouse’s 50% interest was already in process, and the payment could not be stopped.
Tribunal’s ruling highlights a principal officer’s reporting obligations
The decision highlights numerous irregularities at the Private Security Sector Provident Fund that were not reported to the FSCA.
FST ruling has ‘far-reaching implications’ for trustees, principal officers, says FSCA
The decision sets out how PSSPF board members racked up fees for meetings and ignored the fund’s procurement policy.
Debarment for being paid a referral fee by a competitor not justified, says FST
The employer did not point to a single provision in the FAIS Act, or any other legislation, that prohibits this.
Administrator contests Adjudicator’s determination in dispute over loss of members’ benefits
Moriting Wealth Managers was not given an opportunity to state its case before the final determination was issued.
Vital ‘ingredient’ missing in Old Mutual’s notice of intention to debar
The applicant was ‘left to guess’ the factual allegations on which the intended debarment was based, tribunal says.
Settlement agreement with representative sinks FNB debarment
That the parties entered the agreement after the notice of intention to debar had been sent was highly relevant.
Rep debarred for sharing client information while on garden leave
She alleged the evidence of her conduct was obtained through an ‘unlawful search’ of her personal email account.
‘No room for doubt’ about a key individual’s responsibilities
Case of Smart Billion highlights what is expected of KIs, says FSCA.
FSCA has applied to the High Court to overturn tribunal’s Viceroy decision
The penalties imposed by the Authority on Viceroy and Markus Jooste came to R211 million.
Brokerage debars KI for unauthorised transmission of confidential information
Applicant tells the tribunal she transferred the information to her private Gmail account to support her complaint to the CCMA.
Tribunal may accept late reconsideration applications if good cause is shown
This case is an example of what good cause is not.
R600m dividend: Eskom’s insurance captive asks for fine to be reconsidered
The board’s rushed decision, based on unaudited interim figures, put the shareholder’s interests above those of the policyholders, tribunal says.
Tribunal sets aside debarment of consultant who changed record of advice
The far-reaching implications of debarment were not justified in the circumstances, the FST finds.
Ex-employees implicated in MyMo accounts scandal take debarments to the tribunal
Former Standard Bank staff contend that the FAIS Act did not apply to their debarment and conduct.
Why the tribunal didn’t send this debarment decision back to the FSP
FST’s decision reveals a litany of problems with the procedure followed.
