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Tag Archives | Fit and Proper

Is a debarment hearing a procedural prerequisite

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 been followed. The Respondent debarred the applicant on the basis of her non-compliance with the provisions of the FAIS Act and provisions […]

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Tribunal protecting rights

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, reasonable and procedurally fair. The number of times financial institutions, some of them big players, were rebuked for riding roughshod over the […]

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Tracking your Fit and Proper status and progress

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 Keeping track of the myriad of competency requirements are, at best, a nightmare if you are still using outdated methods to manage it. All FSPs are legally required to establish and maintain internal systems and monitoring mechanisms to ensure that its Key […]

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Debarment set aside on interesting grounds

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 the legal route, which was often too expensive for most mere mortals wishing to take on big institutions with deep pockets. In […]

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qualifications

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 for Categories I, II, IIA and III. It is important to bear in mind that all qualifications are subject to approval, and […]

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fit-and-proper-exemptions

Proposed exemptions to tackle complications under the Fit and Proper requirements

In 2017, new classes and sub-classes of insurance business were introduced through the Insurance Act, 2017 (Act No. 18 of 2017). Subsequently, the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) was amended to ensure alignment between the subcategories of financial products contained in the Fit and […]

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