Tribunal ruling underscores directors’ obligations regarding financial statements
FST upholds the JSE’s decision to fine Tongaat Hulett’s former CFO R6m and bar him from holding office as a director of a listed company for 10 years.
#reconsiderationapplication
Tribunal upholds FSCA’s debarment of adviser accused of stealing clients’ money
The former Old Mutual adviser claimed the complainants were not his clients but his relatives who had agreed to lend him the money.
Immediate resignation following bonus no reason for debarment, Tribunal rules
The FST finds that the FSP’s attempt to use debarment as a tool to resolve an employment dispute is a misuse of the FAIS Act’s provisions.
Sending the details later cannot cure a non-compliant notice of intention to debar
The Tribunal finds that the debarment process followed by an insurance brokerage was not lawful or fair.
CCMA settlement agreement does not invalidate debarment
Tribunal highlights the distinction between the processes that fall under the Labour Relations Act and the FAIS Act.
FSCA to act to recover R495m in fines owed by Jooste
Authority releases report on fines, debarments, investigations, and licence suspensions and withdrawals in 2023/24.
FSP alleges rep not financially sound because he missed car repayments
The Financial Services Tribunal overturns the debarment because of insufficient evidence of misconduct and lack of financial soundness.
SCA rules on composition of Financial Services Tribunal panels
Litigation between Trustco and the JSE over the group’s financial statements.
Doing clients ‘a good turn’ doesn’t deserve debarment, rep tells Tribunal
Dismissed adviser says she helped her clients pay their premiums so they could keep their life cover while experiencing temporary financial challenges.
Insurance quote manipulation: Tribunal orders Discovery to reconsider debarments
The onus lies with the FSP to prove the facts it relies upon to debar its representative on a balance of probabilities.
Absence of explicit ‘notice of intention to debar’ not procedurally unfair
Medsafu’s letters alerted the applicant that the outcome of the process may include debarment, the Tribunal finds.
Costs order against FSCA for ‘irregular and unlawful’ debarment
The Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.
Same falsified Uber receipts, but a different outcome at the Tribunal
There are differences in the circumstances surrounding the debarments and the reconsideration applications.
FSP tries to debar another firm’s representative who approached its clients
The FSP conflated the requirements for debarment under section 14 of the FAIS Act with the requirements and procedure for a debarment by the FSCA.
Insurer seeks costs order against debarred representative
Insisting on a formal hearing at the Tribunal, and then not attending it, may have unpleasant consequences.
What qualifies as an FSCA decision that can be reconsidered by the Tribunal?
The Authority’s findings in respect of an investigation have no legal consequences, the FST says.
Tribunal sets aside WesBank’s debarment of financial and insurance marketer
The Financial Services Tribunal says the dispute is ‘one of the many cases where employers use labour disputes to debar FSP representatives’.
