Trustco takes the JSE to the tribunal for a second time
Meanwhile, the High Court dismisses Trustco’s bid to have the FST’s November 2021 decision reviewed and set aside.
Financial Services Tribunal
Pension Funds Adjudicator’s creation of a new complaint unfair to the applicant
The Adjudicator also failed to apply the Pension Fund’s Act prescription provision correctly, tribunal says.
Directors of Insure Group Managers take their debarments to the FST
Tribunal considers whether the insurers in some way gave their consent to IGM investing the premiums in illiquid assets.
Tribunal rules on Viceroy’s application against R50m penalty for Capitec report
Can the FSCA fine persons not domiciled within the jurisdiction of South Africa’s courts?
Tribunal rules on debarments linked to fall-out between retirement fund administrators
It also clarifies the relationship between the courts’ findings and the reconsideration application.
‘No undue delay’ in bringing civil claim against bank employee linked to R79m fraud
Pension Funds Adjudicator also failed to appreciate the prospect that Absa’s civil claim would succeed, says the tribunal.
Debarments: satisfying the FAIS Act and guideline requirements for procedural fairness
Ignoring emailed notices of an intention to debar doesn’t make them go away.
Legal framework and analysis of the debarment process
Debarment is an extremely important aspect of your obligations and rights under the FAIS Act and the Financial Sector Regulation Act.
Did debarment remorse lead to amended certificate of service?
Tribunal asked to rule on the impact of a labour dispute settlement agreement on an FSP’s debarment decision.
FAIS Ombud told to reconsider decision in case involving ambiguous policy wording
Insurer argues that ‘days’ means ‘normal days’, but the Financial Services Tribunal does not agree.
FAIS Ombud revises compensation order after tribunal asks her to reconsider determination
The determination did not sufficiently address an adviser’s submissions on the extent of the complainant’s losses.
Standard Bank’s debarment stands despite ‘missing’ debarment policy
Financial Services Tribunal sets out why the policy’s absence from the record is not fatal to a procedurally fair process.
Tribunal rules on calculation of loss after breach of mandate by broker
Informal dispute resolution mechanisms are notoriously hesitant to become involved in complaints related to fund performance. The Ombudsman for Long-term Insurance emphatically states on its website that it does not consider a complaint […]
Tribunal upholds FSCA’s decision to withdraw asset manager’s licence
It is clear that the FSCA does not lightly withdraw an asset manager’s licence in view of the possible consequences for investors, yet there comes a time when there appears to be no […]
Akani challenges FSCA’s R2.6 million fine for late reports
The Financial Services Tribunal (FST) has told the FSCA to reconsider the penalty of R4 000 a day it imposed on Akani Retirement Fund Administrators in 2020 for not submitting reports timeously. The total […]
Debarred representative a no-show at tribunal hearing
A representative who failed to attend his debarment hearing was also a no-show when his reconsideration application was heard by the Financial Services Tribunal (FST). The representative’s ground for reconsideration was that he […]
Thinking of flying solo? Considerations for employers and representatives
On Monday, we published an article about a case where the “breakaway kids” used the FSP’s client data to feather their potential future nest. Read: Representatives used FSP’s client info to obtain quotes […]
