FST upholds debarment of rep who let his debarred brother advise clients
The former Sanlam Life representative claimed his brother only assisted him in an administrative or logistical capacity.
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FST upholds withholding of R2.16m benefit amid Shoprite fraud case
The decision makes clear the requirements for a lawful withholding: a prima facie case of dishonesty and demonstrable, timely steps by the employer to recover losses.
‘Adviser assistants’ under supervision are representatives
The Tribunal finds that the applicant’s contractual and supervision agreements meant she was a ‘representative’, placing her within the FAIS framework and its mandatory debarment provisions.
Tribunal: A fund’s rules control savings component withdrawals
The fund would be acting ultra vires if it paid a savings withdrawal while the member’s and employer’s contributions remained unpaid.
Tribunal proposes no change to levy in 2026/27
Although the percentage will remain the same, supervised firms will pay more to the Tribunal because of the FSCA and PA levy increases.
FST upholds debarment of planner who signed advice records without meeting clients
The planner said his employee performed administrative tasks and denied that the engagements constituted ‘advice’ under the FAIS Act.
Move to two-pot system drives jump in complaints to the Adjudicator
Outgoing Adjudicator Muvhango Lukhaimane says the system has laid bare long-standing non-compliance with section 13A of the Pension Funds Act.
Associate arrangement justified PSG’s deviation from its debarment policy
The Tribunal says that even informal communications qualify as regulated advice if they involve financial recommendations.
Unauthorised policies falsely attributed to a junior accredited rep
The Tribunal confirms Assupol’s decision to debar a representative after forensic evidence showed he advised on life policies while unauthorised.
FST upholds debarment over ‘ghost caller’ policy
The evidence accumulated by Momentum supported its finding that the agent lacked honesty and integrity.
Levies payable to the FSCA set to rise in 2025/26
The proposed amendments will also see increases in the Tribunal levy and the FAIS Ombud’s charge per KI/representative.
Policy breaches alone are not enough to justify debarment
The Tribunal said allegations of not following sales scripts may breach internal policy but do not in themselves demonstrate dishonesty or a lack of integrity.
Tribunal upholds R1.18m fine and debarment for unauthorised services
Pierre Erasmus said the sanctions were disproportionate, and his dealings with clients were friendships, not formal business relationships.
Client’s ‘substance-induced’ U-turn fails to convince Tribunal
The client initially swore to non-consent, but in a second affidavit he said drugs clouded his memory, insisting he was present when the policies were initiated.
Tribunal upholds debarment over ‘ghost quotes’
The FST found that repeated creation of phantom quotes and unauthorised ITC checks breached honesty and integrity standards.
FST upholds FSCA’s revocation after employer trustees excluded from vote
The Tribunal agrees with the Authority that the rule amendment was void because the employer-appointed trustees were asked to leave the meeting during the deliberations.
Tribunal sets aside debarment of rep who failed a polygraph test
Polygraph testing alone cannot establish dishonest conduct; where the circumstantial evidence is weak or contradictory, debarment is a disproportionate sanction.
