Even serious misconduct requires a fair and lawful debarment process
The Tribunal’s ruling highlights that following the correct process is as important as addressing misconduct in the financial services sector.
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No room for dishonesty: Tribunal upholds decision to reject FSP licence
The case illustrates how discrepancies in disclosure can undermine an individual’s suitability for a key role, resulting in the rejection of a licence application.
Dispute over cancelled policy: FST orders FAIS Ombud to reconsider decision
The Tribunal’s decision underscores that financial advisers’ duties are limited to the specific terms of their engagement.
FAIS Ombud erred in dismissing complaint against insurance broker, says Tribunal
The Ombud failed to investigate key facts around the broker’s alleged negligence in communicating an essential policy requirement.
Uncloaking the mysteries of financial sector penalties
The huge penalties imposed by the FSCA and the Prudential Authority raise questions about the clarity and consistency of the factors influencing these fines.
Tribunal upholds financial planner’s actions in annuity rate dispute
The planner acted in the client’s best interest, highlighting the importance of clear communication and thorough record-keeping in financial advice.
Innocent mistake? Tribunal sides with FSP in confidentiality breach case
The rep claimed he never meant to harm the FSP, but the FST found his actions violated the FAIS Act and demonstrated a lack of integrity.
Tribunal criticises FSCA for missteps in oversight of retirement fund
The FST orders the FSCA to reconsider key decisions regarding the Municipal Employees Pension Fund, saying the regulator overstepped its authority.
Tribunal rejects adviser’s defence in confidentiality breach case
The adviser said she shared the client information to prove her remuneration when applying for a job with a competitor.
FSCA sets aside R216m fine and 10-year debarment
The Authority has agreed to reconsider the penalties it imposed on ‘Coenie’ Botha, the founder of Coin Based Innovation Global.
Tribunal upholds debarment of underwriting manager over false claims
SASTUA says the former key individual issued policies under false pretences and submitted duplicate claims for the same items.
Single mother and sole breadwinner pleads for debarment to be lifted
Commercial insurance agent who was debarred for diverting premiums to her bank account asks to be allowed to make a fresh start.
Tribunal sets aside debarment involving dispute over replacement policies
The representative’s conduct of completing contracts as new instead of replacements was not motivated by dishonesty, the FST says.
Broker debarred for adding property to policy after it was set on fire
The house, which belonged to the broker’s brother, was set alight after the sheriff served an eviction letter on the occupant.
Tribunal ruling underscores directors’ obligations regarding financial statements
FST upholds the JSE’s decision to fine Tongaat Hulett’s former CFO R6m and bar him from holding office as a director of a listed company for 10 years.
Tribunal upholds FSCA’s debarment of adviser accused of stealing clients’ money
The former Old Mutual adviser claimed the complainants were not his clients but his relatives who had agreed to lend him the money.
FSCA notices in respect of competency/fee and FAIS Act exemptions
The Authority also agrees to reconsider its decisions to withdraw the licences of four entities.
