Client’s ‘substance-induced’ U-turn fails to convince Tribunal
The client initially swore to non-consent, but in a second affidavit he said drugs clouded his memory, insisting he was present when the policies were initiated.
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Tribunal upholds debarment over ‘ghost quotes’
The FST found that repeated creation of phantom quotes and unauthorised ITC checks breached honesty and integrity standards.
FST upholds FSCA’s revocation after employer trustees excluded from vote
The Tribunal agrees with the Authority that the rule amendment was void because the employer-appointed trustees were asked to leave the meeting during the deliberations.
Tribunal sets aside debarment of rep who failed a polygraph test
Polygraph testing alone cannot establish dishonest conduct; where the circumstantial evidence is weak or contradictory, debarment is a disproportionate sanction.
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.
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.
