Tribunal upholds debarment over R1.1m ‘protection’ payments
The applicant’s own admissions supported Sanlam’s decision, and the section 14 process does not mirror a disciplinary hearing or a trial.
representative
Representative’s ‘fate was sealed before she was heard’
The Tribunal found both that the process was unfair and that the FSP had not established dishonesty, recklessness, or lack of fitness and propriety.
FSP ‘cannot sidestep’ restraint question in dishonesty case
The Tribunal finds that the alleged misrepresentation, non-disclosure, and materiality all depended on the contractual issue the FSP declined to establish.
‘Adviser assistants’ under supervision are representatives
The Tribunal finds that the applicant’s contractual and supervision agreements meant she was a ‘representative’, placing her within the FAIS framework and its mandatory debarment provisions.
FAIS Ombud proposes no levy increase in 2026/27
Advocate John Simpson publishes his Office’s draft budget for public comment.
FAIS Ombud proposes increasing the KI and representative levy
FSPs will have to budget for an additional R32 per key individual or representative in the 2025/26 financial year.
What you should know about the FAIS competence requirements
The first in a series of articles that explains the competence requirements for people who want to enter the financial services industry.
When does an ‘employee’ become a ‘representative’ who can be debarred?
Material discrepancies about a newly appointed financial planner’s employment history came to light while she was being on-boarded.
Reduction in CPD requirements: FSCA explains why KIs and reps are treated differently
The FSCA has confirmed that the provision for a pro rata reduction in CPD hours as a result of parental leave, or because of illness or disability, applies only to an FSP’s representatives, […]
