Former financial planner’s debarment over client loans upheld
The Tribunal confirmed Standard Bank’s decision to debar its representative for borrowing thousands of rands from his clients and failing to disclose his outside business activities.
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FSCA overstepped its authority on retirement fund exemption time limit
The Tribunal finds the FSCA acted beyond its legal authority by imposing a three-year time limit on an exemption, reaffirming a key precedent on regulatory overreach.
Behind the scenes at OPFA: how pension complaints are investigated and resolved
Deputy Pension Funds Adjudicator Naheem Essop shares how OPFA’s inquisitorial process works, the challenges funds face with internal dispute resolution, and what happens when complaints escalate or are deemed frivolous.
Tribunal upholds funds’ broad discretion in death benefit allocation
A nominee who receives a dependency allocation can still claim a share of any surplus death benefit according to the deceased’s nominations.
Funds ‘must do more’ to hold employers accountable for arrear contributions
The OPFA on how retirement funds should address non-compliant employers, death benefit allocations, and requests to withhold benefits.
Retirement fund cannot withhold benefits without precise liability admission
The Tribunal says the Adjudicator should have addressed the fund’s reliance on two acknowledgements of debt stating different amounts.
Five years to finalise an investigation and impose a sanction is ‘unreasonable’
The Tribunal says individuals who are subject to administrative action are entitled to fair processes that include the speedy finalisation of their matter
Legally wed, financially left out: wife denied pension benefit
The FST has upheld a ruling that a legal spouse must still prove financial dependence or be nominated to receive a share of a deceased member’s pension benefit.
Judgment clarifies approval of director appointments under the Insurance Act
The High Court confirms a Tribunal decision that the appointment of directors of insurance companies can be regularised retrospectively. It underscores that section 14 of the Insurance Act does not require the Prudential Authority’s pre-approval.
Court backs FST’s decision to scale down penalty for insurance breach
The judgment confirms that the Tribunal acted within its authority when it reduced a penalty imposed by the Prudential Authority on two state-owned insurers.
Tribunal sets aside debarment, citing inadequate notification
The FSP used an email address it obtained from a credit bureau, but the rep denied this address belonged to her.
Tribunal rules against former Sanlam representative in signature dispute
The Financial Services Tribunal dismisses a reconsideration application by a former representative who claimed a client e-signed documents in person.
Life insurer debars rep who ‘went off-script’ during sales call
The agent repeatedly deviated from the approved product script. Previous warnings and documented missteps played a key role in the decision.
Debarment set aside as Tribunal distinguishes negligence from dishonesty
The case highlights that debarment is reserved for instances of clear, intentional breaches of integrity, not mere negligence.
Tribunal upholds FSCA’s sanctions for unauthorised advice
FSPs must ensure their representatives operate strictly within their authorised product categories and according to the client’s mandate.
FST ruling reinforces need to follow due process in debarments
The Tribunal finds the FSP skipped critical steps, including notifying the representative and giving her an opportunity to respond.
Tribunal upholds debarments for misusing client information
The decisions show that even thwarted attempts to breach confidentiality signal a critical lapse in integrity.
