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Tag Archives | FSB Appeal Board

FSB-Building

Can Appeal Board overrule FSB decision?

The recent Willbrink Outsources CC decision by the FSB Appeal Board assessed a rather novel approach to overturn a FSB decision. The appeal was in respect of the Registrar’s decision to withdraw the appellant’s licence as he did not successfully complete his RE1 and RE5, and therefore did not meet the Fit & Proper requirements. […]

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justice-dictionary

Fairness in Justice

In a recent decision concerning a Sharemax investment, the FSB Appeal Board said that section 20(3) of the FAIS Act requires the FAIS Ombud to consider complaints in a procedurally fair, informal, economical and expeditious manner, and by what is equitable in all circumstances. Failure to afford a party an opportunity to respond was “inequitable”. […]

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FSB-Building

FSB Appeal Board again rules against FAIS Ombud

In May 2016 we published an article titled Ombud holds insurer liable for Sharemax loss. Briefly: A Momentum representative (Marais) introduced the client to a broker (Storm) who had a Sharemax contract. The representative was not allowed to conduct business with the property syndication in terms of his contract of employment with Momentum. When the […]

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Material-terms

Investment Failure was not Reasonably Foreseeable

The FSB’s Appeal Board came to an interesting decision in the last case published in 2016. This was an appeal against two previous decisions against a FSP by the FAIS Ombud in a case involving an investment in the ill-fated Edwafin Bond Debentures scheme. It is important to note that the Appeal Board is obliged […]

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