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 […]
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 the rationale to be applied and process to be followed by FSPs when effecting debarments highlight the salient factors that require consideration […]
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 […]
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 Keeping track of the myriad of competency requirements are, at best, a nightmare if you are still using outdated methods to manage it.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 […]
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 […]
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 Africa, the level of cyber attacks must be proportionally similar in this country. One of the guest speakers at the September 2019 […]
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 […]
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 to operate as an Over the Counter Derivatives Provider (ODP) on 01 September 2020. One of the licence conditions stipulates that an […]
“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 email confirming your booking, it will include the date, time and venue of your exam. However, payment must be made within 24 […]
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 […]
