Former bank employee’s ‘good intentions’ not enough to avoid debarment
The Financial Services Tribunal hears another case involving a representative who ‘completed’ proof of address letter on clients’ behalf.
Fit and Proper
Crypto transfers: new client information requirements coming for CASPs and intermediaries
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
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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.
Is a debarment hearing a procedural prerequisite?
A Tribunal decision published on 1 September provides further guidance to the debarment theme we have been focussing on recently. Importantly, it clarifies the need for a debarment hearing where due process had […]
Debarment process revisited – Get it right the first time
Judging by how many debarments are overturned by the Tribunal, this appears to be a matter requiring a revisit. On 6 June 2019, the FSCA published Guidance Notice 1 of 2019 to: provide […]
Debarment process revisited – Get it right the first time
Judging by how many debarments are overturned by the Tribunal, this appears to be a matter requiring a revisit. On 6 June 2019, the FSCA published Guidance Notice 1 of 2019 to: provide […]
Tribunal protecting the rights of representatives
The Manasse decision by the Financial Sector Tribunal again underlines just how important compliance with Section 14 of the FAIS Act is. In particular, it requires that a debarment process must be lawful, […]
Tribunal protecting the rights of representatives
The Manasse decision by the Financial Sector Tribunal again underlines just how important compliance with Section 14 of the FAIS Act is. In particular, it requires that a debarment process must be lawful, […]
Tracking your Fit and Proper status and progress
The drive to professionalise the financial services industry has brought many regulatory obligations. Keeping track of the myriad of competency requirements are, at best, a nightmare if you are still using outdated methods […]
Tracking your Fit and Proper status and progress
The drive to professionalise the financial services industry has brought many regulatory obligations. Keeping track of the myriad of competency requirements are, at best, a nightmare if you are still using outdated methods […]
Debarment set aside on interesting grounds
The number of successful appeals for reconsideration of debarments makes one wonder how many travesties of justice took place before the Financial Sector Tribunal saw the light. Previously, there was no recourse but […]
So, you’ve been hacked. Is this a reportable irregularity?
A recent (1 June 2021) headline on a UK based website reports that there were 116 million records breached in the UK in May 2021. Although no formal figures are available for South […]
List of recognised qualifications updated
The formal “Lists of Qualifications Recognised for Financial Services Providers, Key Individuals and Representatives, 2021” came into operation on 31 May 2021. This replaces its namesake for 2020. The list contains approved qualifications […]
Failure to submit report leads to R100 000 penalty
The Financial Sector Conduct Authority (FSCA) imposed an administrative penalty of R100 000 on a division of a leading bank for failing to meet a licence condition. The company was granted a licence […]
Failure to submit report leads to R100 000 penalty
The Financial Sector Conduct Authority (FSCA) imposed an administrative penalty of R100 000 on a division of a leading bank for failing to meet a licence condition. The company was granted a licence […]
Regulatory Exams – Payment critical to secure seat
“I have registered online via your online booking system to write the Regulatory Exam. Do you need proof of payment, before my booking is secured?” Once you have registered you will receive an […]
