Tribunal dismisses N-e-FG executives’ ‘restorative justice offer’
In exchange for their admissions, they sought to substitute their debarments with an undertaking to repay R470m in client losses.
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Tribunal upholds debarment for unauthorised transactions
Despite claims of verbal consent from her client, the FST found the adviser’s informal arrangements did not satisfy the requirements for written, explicit authorisation.
Tribunal affirms Ombud’s stance on credit life cover complaint
After the High Court remitted the matter, a new Tribunal panel deemed the challenge ‘frivolous and vexatious’.
Lack of full and frank disclosure sinks FSP’s licence application
The Tribunal agrees with the FSCA that the entity’s key individual did not ‘come clean’ about her past misconduct.
Tribunal sets aside broker’s debarment based on contractual grievances
The FSP’s allegations that the representative violated the terms of the settlement and service agreements did constitute a material breach of the FAIS Act.
Tribunal upholds R1m fine and 15-year debarment for unlicensed trading
Mareo-John Nel breached the FAIS Act after signing an enforceable undertaking to remedy the same unlawful conduct he committed previously.
Tribunal upholds strict timing for FSP debarments
Section 14(1)(b) of the FAIS Act cannot be stretched to catch misconduct discovered after a representative’s tenure.
Compliance trumps empowerment: decision to deregister co-operative bank upheld
The Tribunal agrees with the Prudential Authority that Women Building our Africa failed to meet the registration conditions and governance benchmarks.
Reappointment, not a stopwatch: Tribunal on FSP debarment durations
Unlike FSCA-imposed bans with fixed terms, debarments driven by an FSP stay in force until another FSP is convinced a rep is Fit and Proper.
Loans to settle divorce settlement sink microlender’s mutual bank application
The proposed CEO breached the Companies Act by allowing another company of which he was the sole shareholder to advance loans to him while it was insolvent.
Former financial planner’s debarment over client loans upheld
The Tribunal confirmed Standard Bank’s decision to debar its representative for borrowing thousands of rands from his clients and failing to disclose his outside business activities.
FSCA overstepped its authority on retirement fund exemption time limit
The Tribunal finds the FSCA acted beyond its legal authority by imposing a three-year time limit on an exemption, reaffirming a key precedent on regulatory overreach.
Tribunal upholds funds’ broad discretion in death benefit allocation
A nominee who receives a dependency allocation can still claim a share of any surplus death benefit according to the deceased’s nominations.
Retirement fund cannot withhold benefits without precise liability admission
The Tribunal says the Adjudicator should have addressed the fund’s reliance on two acknowledgements of debt stating different amounts.
Five years to finalise an investigation and impose a sanction is ‘unreasonable’
The Tribunal says individuals who are subject to administrative action are entitled to fair processes that include the speedy finalisation of their matter
Tribunal sets aside debarment, citing inadequate notification
The FSP used an email address it obtained from a credit bureau, but the rep denied this address belonged to her.
Tribunal rules against former Sanlam representative in signature dispute
The Financial Services Tribunal dismisses a reconsideration application by a former representative who claimed a client e-signed documents in person.
