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.
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.
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.
FSPs have a statutory obligation to combat exam fraud by verifying certificates directly with Moonstone or the FSCA.
Not meeting the operational ability and competency requirements are the main reasons the Authority rejected licence applications.
The Financial Services Tribunal overturns the debarment because of insufficient evidence of misconduct and lack of financial soundness.
The Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.
The rep said she corrected the errors herself to avoid inconveniencing the customer and embarrassing the company, not to commit fraud.
The Financial Services Tribunal says the dispute is ‘one of the many cases where employers use labour disputes to debar FSP representatives’.
MBSE alerts individuals who completed unit standards or credit-bearing programmes related to FETC: Short-term Insurance or FETC: Wealth Management to ensure ongoing Fit and Proper compliance.
Have you completed unit standards or credit-bearing programmes towards the FETC: Short-term Insurance or the FETC: Wealth Management?
The first in a series of articles that explains the competence requirements for people who want to enter the financial services industry.