Tag Archives | Tribunal


Collusion to no avail

An applicant who was debarred after being found guilty of fraud and dishonesty appealed to the Financial Sector Conduct Authority for a reconsideration of the decision. The applicant “attacked the process of debarment” and, in his appeal, did not address the factual findings of the disciplinary hearing, but rather just restated his defence in the […]

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Condonation of late application for reconsideration of debarment

The recently updated Financial Services Tribunal Consolidated Rules contain the following stipulations regarding time frames: An application for reconsideration must be made: if the applicant requested reasons in terms of section 229 of the Act, within 30 days after the statement of reasons was given to the applicant or in all other cases, within 60 days […]

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Tribunal publishes guidelines for reconsideration appeals

There can be little doubt that the Financial Sector Tribunal has made a huge difference in the industry as far as bringing legal certainty in an environment where the small guys and girls often had to face the wrath of employers, regulators and dispute resolution forums alone. As the Tribunal is an institution operating in […]

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Two wrongs doth not a right make

Regular readers will know that I have expressed my frustrations in the past with people who approached the Financial Sector Tribunal for leniency despite being blatantly dishonest. A recent decision by the Tribunal had a different slant, but the same result. A young man, after making a human error, followed the wrong path to try […]

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Debarments – Don’t put your head in the sand

On 1 April 2018, the debarment process under the FAIS Act was amended by the Financial Sector Regulation Act 9 of 2017 (FSRA). Since then, many debarment cases have been referred to the Tribunal. In some cases, the outcome was that the debarments have been uplifted and in some it was remitted back to the FSP […]

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Tribunal orders cut to the chase – Chancers are dealt with unceremoniously

The Financial Sector Regulation Act 9 of 2017 establishes the independent Financial Services Tribunal in terms of section 219 thereof. Upon application by aggrieved persons, the Tribunal is empowered to reconsider decisions of decision-makers. This was seen as a huge improvement in the lot of particularly representatives who had no recourse to an informal dispute […]

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Tribunal reduces METCI penalty by 70% – Finds that fund did not act recklessly

The Financial Services Tribunal has just handed down its decision on an application by MET Collective Investments (Pty) Ltd (METCI) for a reconsideration of an order made by the Financial Sector Conduct Authority (FSCA) in September 2019. Originally the FSCA imposed a penalty of R100 million for contraventions of the Collective Investment Schemes Control Act and […]

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