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Tag Archives | FSP


To be (dishonest), or not to be?

Two recent tribunal cases make for quite interesting reading. No dishonest intent In the Mokotedi decision, the employer, a major bank, debarred a financial adviser on the grounds that he lacked the required qualities of honesty, integrity and good standing. This was as a result of the fact that he neglected to capture his absences […]

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Fair treatment of client complaints – Amended code now provides framework for FSPs

The 2003 version of the General Code of Conduct (GCoC) for authorised financial services providers and representatives captured the handling of complaints in three pages, only focussing on basic principles and procedures. The just released amendment of the GCoC dedicates nine pages to the complaints handling process as well as the commitment to the fair […]

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Amendments to FICA – Proposals will affect FSPs and motor dealers

On 19 June 2020 the Minister of Finance published Government Notice 684 in GG 43347 which contained a number of proposed amendments to the Schedules to Financial Intelligence Centre Act. Interestingly, short-term (non-life) insurers have not been included as Accountable Institutions. One of the amendments is of particular importance to financial services providers and another is of […]

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Debarment – When can a FSP debar an ex-employee?

As a result of the right to appeal against a debarment decision, there was a substantial increase in debarment cases referred to the Tribunal since April 2018. In most of these cases the process was challenged. Some of these cases were remitted back to the FSP for reconsideration and to follow the prescribed debarment steps. But […]

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Non-disclosure of material terms – Costly omission by FSP

“The customer is always right” – a slogan that encourages especially service staff to give a high priority to customer satisfaction. In today’s testing economic times, and yesterday’s budget speech is testimony to this, consumers are testing the market to ensure that they get what they feel they are entitled to. The financial services industry […]

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Tribunal Debarment decisions – Why the increase?

Over the last few months we have seen an increase in debarment cases placed before the Financial Services Tribunal for reconsideration. Why? Has there been an increase in debarments? Has many of these debarments been effected as an injustice to representatives? What changed? A right to appeal A representative now has a right to appeal […]

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