On 1 April 2018, the debarment process under the FAIS Act was amended by FSR Act 9 of 2017. Besides stipulating that an FSP must, before debarring a person, take specific steps, the amendment also introduced a vastly improved channel for appeals. The outcome of these amendments has been an increase in debarments that reached the Tribunal’s office. In many of these cases, the debarment was set aside as a fair process was not followed by the FSP.
But what happens if a fair process was followed and a representative is debarred? What are the requirements to reappoint a debarred rep?
NB – The FSCA cannot lift a debarment unless instructed to do so by the Financial Sector Tribunal or a court of law. Only through the application by an FSP to the Authority can a debarred rep be reappointed.
When a representative has been debarred by a Financial Services Provider (FSP), there are specific requirements that must be adhered to for the reappointment of such a representative.
In December 2017, the FSCA (then FSB) published a Guidance Note too —
| (a) | clarify the role of the Registrar of Financial Services Providers in the reappointment by an authorised FSP of a representative that has been debarred in terms of section 14(1) of the Financial Advisory and Intermediary Services Act, 2002); |
| (b) | clarify the responsibilities of an FSP that reappoints a debarred representative in terms of Board Notice 82 of 2003 (BN 82); and |
| (c) | list the information an FSP must submit to the Registrar after it has reappointed a debarred representative. |
Debarment of a representative under section 14 of the FAIS Act
If a person is debarred under section 14 of the FAIS Act, it prevents a person from rendering any financial services as a representative of any FSP, and not only the FSP who brought about the debarment. As a result, the debarment has an industry-wide effect.
We covered the latest debarment requirements extensively in an article by Alan Holton on 8 November 2018 as well as an article on 24 January 2019, and suggest you read this again to familiarise yourself with the facts.
When can an FSP reappoint a debarred financial representative?
- A rep can only be reappointed if all unresolved business of the debarred representative that has not been concluded prior to his/her debarment, has been completely resolved or thoroughly concluded
- Any legal proceedings or complaints against the debarred representative submitted by clients to the FSP, the Ombud or any court of law must be concluded. Any other administrative or legal proceedings in terms of the FAIS Act or any other law have to be complied with.
- All fit and proper requirements must have been met.
Further, the representative must be debarred for a minimum period of 12 months unless the person was debarred due to the fact that he/she did not meet the fit and proper requirements at the time, in which case the representative can be reappointed when the requirements have been met. The Qualification or regulatory exam requirements are examples of this.
However, if a person was debarred for a more serious transgression, like dishonesty, it is up to the FSP hiring the person to decide whether or not the person has been rehabilitated and reformed.
It is very important to remember that the FSCA can still reject an application that meets all the requirements. This would usually happen in cases where the representative was debarred for a severe contravention – the FSCA would then act in the best interest of the financial services industry and its integrity.
List of debarred persons
A debarred representative can only be reinstated if reappointed in terms of BN 82. Therefore, even if the 12 month period referred above has elapsed, the name of the debarred representative will not automatically be removed from the list of debarred persons. A debarred representative’s name can only be removed from that list when he or she is reappointed in terms of BN 82 as a representative of an FSP.
Notification of reappointment
The notification by the FSP of the reappointment of a debarred representative must be accompanied by at least the following documentation to enable the Registrar to monitor compliance with the requirements of BN 82:
- An affidavit from the reappointed representative confirming that all matters referred to have been resolved or concluded and, where applicable, that it has complied with all decisions, determinations or court orders; and that he or she complies with all the fit and proper requirements.
- Where the representative was debarred due to a lack of honesty and integrity, he or she needs to set out the reasons for reform or rehabilitation.
- Any other information or documentation considered by the appointing FSP in the reappointment of the debarred representative.
- Confirmation from a key individual of the FSP that he or she is satisfied that the representative had complied with all requirements for reappointment as set out in BN 82.
The new debarment requirements entail substantially more information about the debarred rep than before and should assist the FSCA to ensure that persona non grata are not allowed to slip back into the industry.
Click here to download the Guidance on the Reappointment of Debarred Representatives as published by the FSCA.
Good day . I was debarred un 2018 and couldnt get assistance in removing it . Please kindly assist as to what process and procedures i need to take to remove my name on the debarred list
This article will help answer your question: https://www.moonstone.co.za/debarred-representatives-when-can-a-rep-be-reappointed/
Resigning with immediate effect can lead a representative to a hearing debarement?
Resignation with immediate effect is not in itself grounds for debarment. But debarment may follow if a rep resigned in an attempt to avoid a process that resulted from the rep contravening the fit and proper requirements.
Hey, it’s been 3 years since my debarment for not being fit and proper I just passed my RE5 so who will remove my name from the debarment list?
Your name will be removed if you are employed by an FSP.
Hi. Please elaborate. If rep has been debarred for 5 years already can they get a removal on the list?
The REDS listing is for 5 years. It does not matter how long the debarment has been in place.
Hello can a representative be debated after being dismissed at the FSP
That depends on whether the dismissal was a result of non-compliance with the FAIS Act and the fit and proper requirements.
If Im no longer on the debarred list does that mean I can apply again to be a sales representative it won’t show?
Debarred representatives – When can a rep be reappointed? https://www.moonstone.co.za/debarred-representatives-when-can-a-rep-be-reappointed/
Hi Mark Bechard, I was debared this year in March, was working as a sales agent, does this mean I can not apply for a claims position?
If you were debarred, you cannot work for a year in any position that falls under the FAIS Act.
Verify the Removal: Ensure that the financial advisor has received written confirmation from the FSCA or the relevant regulatory authority that their name has been removed from the list of debarred representatives. This confirmation letter is crucial for the advisor’s future employment.
Employment Options: The financial advisor can now explore employment opportunities with other FSPs. There is usually no mandatory requirement for the advisor to work for the FSP that helped lift the debarment for a specific period. They can consider various FSPs that are willing to hire them.
how true is the above
Hi
Can a debarred person register to do their KI exam?
There is no restriction on a debarred person writing any of the Regulatory Examinations. In fact, a person might have been debarred for not being competent due to not passing the Regulatory Examination by the required deadline, and they would be required to write and pass the examination to have the debarment lifted.
Hi i have been dismissed from last year june 2023,i am waiting for debarment is been 8months waiting i haven’t worked anywhere so since they kept me waiting is it possible that they can still debar me after so long? If yes is it allowed?
In terms of the FAIS Act, the FSP must start the debarment process not longer than six months from the date that the person ceased to be a representative of the FSP. I am not sure what you mean by “waiting for debarment”. Has the FSP sent you a notice of intention to debar?
Zama please can I contact you. I would appreciate to know how to go about things.
Hi Zama,how did you get your name removed? Please assist
Morning
I have been debarred in 2019 but reappointed after 12 months by a FSP (working for more than 2 years now)
Can I change from Rep to manager with a different FSP?
Please assist
I assume the debarment has been lifted. It is unclear what your question is. Do you want to be appointed as a Key Individual at a different FSP? It depends on whether you meet the competence requirements.
Hi Marisa..
Can you please get in touch with me on whatsapp..I think I need your advice..
Hey Marisa can you please also contact me on watsapp, I’d also appreciate a few pointers. 0740789260
Hi Marisa, trust you well. If you don’t mind I need some guidance on how to get reappointed please can you WhatsApp me on 0723611262
Should the FST instruct a FPS to remove me from debar listing can I take that proof and forward to R.E.D.S to be removed there as well?
REDS is a database for employees of the financial sector who have been dismissed for dishonesty. Dismissal is a labour relations issue. Debarment is a separate FAIS Act issue.
If you feel like you have been unfairly dismissed after a disciplinary hearing and you want to clear your name from the REDS database, you must prove that you are not guilty of dishonesty. If the disciplinary hearing found you guilty, you must take it up at the CCMA to prove your case and your innocence. If the CCMA finds you innocent, your next step is to write to REDS attaching your CCMA ruling, proving that you are not guilty. After providing them with this information, REDS will remove your name from the database. Clearing your name. If these steps fail and your name is still on the REDS database, you can approach the High Court to rule on removing your name from the REDS database, after you are found not guilty for dishonesty.
Well Mark, some employees end up on REDS without being dismissed. What do those employees do in this case?
They can go the magistrate’s court.
Helo Mark I was debared in 2019 however every time I apply I get feedback that I am debared , the 12 months period how does it work?
Good day. The debarment is in place for 12 months, during which time you cannot work as a representative. After the 12 months, you can apply for employment with an FSP. You will remain listed as debarred until you are re-employed as a representative.
Hi,
So what happened if no one is hiring you because the processes of clearing your name is that you need to be hired by an FSP in order to see if you’ve changed and that you attend rehab so what happens if you don’t get hired do you stay debarred for ever ?
So if the steps mentioned on getting a person off the debarred list it means you’ll stay debarred for ever , because what if you don’t get a chance to work for an FSP and go to rehabilitation to plead your regained innocence it means you won’t be taken off the debarred list
I have been debarred in 2020 for dishonesty. Can the debarment be lifted without having to wait for five year lapsing period?
There is an FSP company that has hired me recently and I’m confused if I’ve been cleared of debarment or not. Your assistance will be highly appreciated.
You can check whether you are still debarred by going to the FSCA’s website: https://www.fsca.co.za/MagicScripts/mgrqispi.dll?APPNAME=Web&PRGNAME=Display_Debarred_Reps
If the debarment period was stipulated as five years, you cannot be reappointed until the period has lapsed.
I have been unfairly debarred in 2016, this was under integrity and honesty category, even the top management of the company knew i was done in.
It has been 7 years now since my debarment and how can i escalate this matter to tribunal or ombudsman attention, i feel have a strong case here.
An application to reconsider a decision must be made to the Financial Services Tribunal within 30 days of receiving reasons from the decision maker; if such reasons were requested. In all other cases, within 60 days after being notified of the decision, or a longer period, if good cause can be shown. Unless you can show good cause for not submitting a reconsideration application 7 years after the debarment, the tribunal would not accept your application.
Thank you Mark for responding to my query, i still feel aggrieved by the decision taken 7 years ago unfairly changed my life, i do understand that we have timeframes within which the tribunal should be contacted to consider any case.
My matter was referred tohugh court, but i did not have money to cover legal fees, as a result i could not pursue this case any further.
I just want to have my name removed after 7 years so that i can work for my family.
I was unfairly dismissed subsequently debarred.
Hi Shadrack,
Please advise if you have been removed from the debarred list? If so please advise how.
Hi would like to ask,after the application has been made to the Financial Services Tribunal to Suspend debarment of the representative and FSP debarring a representative says wont oppose the suspension of debarment application made to the Financial Service Tribunal?
If the suspension is unopposed, then the rep will have to await the outcome of the hearing before the tribunal.
I was debarred from 2018 which procees must I follow to remove debarrement
You need to find an FSP who wants to employ you and apply to the FSCA to remove your debarment.
I was deberred 2018 April now I got a job offer and they said It’s still showing under my name… how do I do go on about this
The FSP must apply to the FSCA to have your name removed.
Hi Good
I have been debarred for personal character qualities of honesty and integrity since 18-03-2021, but now the FSP never stated any expiry date for my debarrement, can I sent application to FSCA to remove myself?
Kind Regards
George
Hi
Please download the Guidance on the Reappointment of Debarred Representatives published by the FSCA. The link is at the end of the article, or click here: https://www.moonstone.co.za/upmedia/uploads/library/Moonstone%20Library/MS%20Compliance/Guidance%20on%20the%20Reappointment%20of%20Debarred%20Representatives.pdf
Refer to paragraph 24 (Requirements of BN 82). If 12 months have passed since your debarment, you can be reappointed by an FSP who is willing to employ you. You do not apply to the FSCA. The FSP that employs you notifies the FSCA of the change to its representative register.
I am working as rep under supervision. I had 4 months left to complete my NQF 4.
I was taken off the rep under supervision register , 4 months before my 72 months expired.
Reason I was told, that if I reach 72 months and did not complete my course, I would be debarred. Can a rep under supervision be debarred???
Yes, a rep under supervision can be debarred.
Good day, i have been debarred February 2022 and have found an fsp who is willing to employ me as the 12 months have passed as per guidelines. I have been debarred for 5 years, however as per reappointment guidelines an fsp can reappoint me after the 12 months have elapsed. Upon application of reemployment the fsca declined as the term needed to be completed however this goes against the stipulated guidelines. Please advise.
Were you debarred by an FSP or the FSCA?
FSCA
The 12 months applies to a section 14 debarment by an FSP, not a debarment by the FSCA.
It’s been 4 years since my debbarment, the FSP that debbared me is not willing to uplift the debbarment. Apart from finding another FSP to apply to uplit my debbarment. Is there any other way I can go about this.
Because I have never had of any one whose debbarment was uplifted. Does this mean debbarment is a life sentence
If an FSP will not employ you, the debarment remains.
Hi Mark, I since received a message like this, I don’t have a lawyer appealing for myself. So I thought it meant that we were still going to continue the matter but still have t received any mails from the tribunal. Please assist
Dear Nthabeleng and Quinton
I refer to the above matter and enclose the Tribunal record now prepared.
I confirm that in light of the current Covid-19 pandemic, the Tribunal will not be holding any in-person hearings for the immediate future. I will shortly approach the Chairperson of the Tribunal for confirmation of the allocation of a Tribunal panel to hear the matter (via MS Teams) and will thereafter be in a position revert regarding proposed hearing dates (I am currently allocating hearing dates in August 2021). I, however, would like to canvass with the parties whether they would be prepared to agree to the Deputy Chairperson of the Tribunal (Judge LTC Harms) deciding the matter solely on the papers (in accordance with the attached record) without the need for a formal hearing? Should the parties be amenable to the suggestion, they will be afforded an opportunity to file heads of argument (if necessary) which will be submitted to Judge Harms with the record. Please note that, the parties are in no way obliged to forego a formal hearing of the matter and this suggestion is made purely in an effort to mitigate the consequences of the delays being caused by the nationwide lockdown (and various levels thereof) and in keeping with the principle of social distancing in order to minimise the risk of exposure and spread of Covid-19.
I look forward to hearing from you.
Good day
It seems this year is more than two years old. Did you not receive more recent communication.
I did. And since that email I’ve been sending emails as follow up responses now say I must find an fsp as stipulated under the section however the matter was not concluded since back then with this email being the last debarment appeal trail of emails I received. I think the FCSA needs to look into the matters of appeals from representatives that appealed during Covid, I was debared Dec 2019 I appealed before the 12 months and we were in Covid, we didn’t have the MS teams conference neither did we have a face to face meeting.
They since, as stated on email, stated that they will revert back for finalisation. They deal with lots of cases I know however the follow up emails I’m sending are being responded by individuals that don’t seem to have the full appeal trail of my emails. They are saying it was concluded. How? Cause that’s the last email I received.
Please help Mark. Thank you for your response.
Did the Tribunal give you a case number?
Yes they did. FSP/16 /2021. Thank you Mark. I’ve been sending emails.
Good afternoon,
If I was dismissed 26 May 2022 and got an email that I was debarred on 20 October 2022.
Does debarment period count from May or October?
I am in the process of being debarred. can I work in other industries such as retail, government?
Debarment applies only to the financial services sector regulated by the FAIS Act.
How can I find out who debarred me ? FAIS or FSB ?
Did you receive written notification of your debarment?
Good Day
Can I be debarred due to being under debt review.
I have not had any dishonest dealings and no disciplinary actions taken.
Regards
Debarment is only applicable for individuals who fails to meet the fit and proper requirements or who have contravened or failed to comply with any provision of this Act in a material manner. For a representative, they may not be an unrehabilitated insolvent. They do not need to meet the financial soundness requirements. It is important to note that being under debt review may impact on a person’s operational ability. Can they do the work as a result of being under debt review?
Hi
I was debarred in 2017 for dishonesty, I was employed by an FSP for rehabilitation from April 2021 my contract ended last year March 2022. The FSP sent documentation to the FSCA however everything was being handled by their Compliance Officer, my name is still under the list. My question is how do I get information regarding the information sent, whether my name will be uplifted, do I need to find another company to assist me with the process again? I’ll be completing my studies this year in Accounting science, the company I worked for don’t have answers they just send me to their Compliance Officer who is always busy. Please assist
Hi can I be assisted please on how to go about this issue
Just to confirm
As a debarred REP I can not be reinstated without a FSPs assistance ?
If it was a section 14 (FAIS Act) debarment, yes, then you have to find an FSP that will employ you so you get be reinstated.
Hi
I was debared in 2021 for ohnest and integrity, but I was never recieved any notification about the debarment, I only saw the debarment on my name . I never challenge the FSP because of lack of information if I may say. This year March the department has been uplifted, but now what I facing is that the are steel companies that can’t employ me , as they require proof of letter that the debarment was set aside after being reviewed by tribute.
Of which in my case it was uplifted, sow now I want to raise my grieved as I’m not happy about the decision that was taken toward my name…please assist the steps.
Thank you
If the tribunal set aside the debarment, the decision would have been recorded in writing. Why won’t the companies accept that?
I just received a call about a client complaint and the person who called said cases like these sometimes lead to disbarment. Can you advice on what I can do, he didn’t want to share more info about the client.
Good day
To advise you, one of our compliance experts would have to understand all the facts and legal issues relating to this matter. Visit https://www.moonstonecompliance.co.za/ to find out more about Moonstone Compliance’s FAIS and Employment Law services. To contact Moonstone Compliance, email support@moonstonecompliance.co.za or use the online enquiry form https://www.moonstonecompliance.co.za/make-an-enquiry/
Hi Mark
I was debarred in 2009, but in 2018 iwa dismissed because I ddnt tell them I was debarred, I only find out when they gave me notice of hearing and when I check it shows I was debarred by insurance company, but from last year when I used the link u provided to check it says I am not debarred, is that mean Im no longer listed
I realised last year during March 2022 when i applied to the FSCA to be approved as a phase I compliance officer that i was in fact debarred in 2008 for dishonesty and integrity. I was not in fact informed or notify of the intention to have my name debarred even though i paid the R500 back into the client account . Since 2008, i rehabilitate to prove full compliance with fit and proper criterion, and also worked for various FSPs and also for one of the local regulators. Im currently employed by the FSP in a non-FAIS role. Not sure how to approach this as my current employer may victimise if they found out and not sure whether i should apply for reconsideration of debarment given that its has been more than 13 years when i found out about the fqcts of my debarment. I possessed various qualifications ranging from FAIS REI, SAIFM exams, internal auditing and now currently studing LBB, next year is my final year. Pls assist as i have no one to talk out of fear of being stigmatised or victimised. If possible, kindly suggest law firm or reasonable approach as i was not aware of the debarment until last year… I was young and naive at that time and i now regret and this is eating me inside fearing the unknown…
Good day . I was debarred un 2016 and couldn’t get assistance in removing it . Please kindly assist as to what process and procedures i need to take to remove my name on the debarred list
To remove your name from the list of debarred representatives, you need to find a financial services provider that will employ you.
Hi
I just find out today that I’m Denard so a can’t be hired ,I wish to no how long and is the any job I could get if it’s like tha.
Debarments are for one year. You cannot work in the financial services industry regulated by the FAIS Act while you are debarred. You can work in other sectors of the economy.
Hi
I was debarred in 2021 October and 12 months period lapsed and 8 have been applying there’s no fsp that is willing to hire me is it possible to apply to Tribunal for upliftment.?
The tribunal cannot uplift a debarment unless it finds that the debarment was not lawful in the first place.
Thank you for your prompt response Mr Mark, my last question can I still wright my call of business and RE 5 while still being debarred?
What category of financial products do you intend to provide?
Thank you for you prompt response Mr Mark, my last question can I still wright class of business and RE 5 while still being debarred?
Hi there ,
I was debarred in 2016 ABSA bank as a sales consultant and REDS listed .
If I am applying for a financial position again, Is it up to the FSP to re appointment me and if they do will the REDS LIST AND DEBARMENT be removed ?
Thank you
Hi there ,
I was debarred in 2016 ABSA bank as a sales consultant and REDS listed for dishonesty.
If I am applying for a financial position again, Is it up to the FSP that is hiring to re-appointment me and if they do will the REDS LIST AND DEBARMENT be removed, basically are they able to apply for it to be removed if they are wanting me as a rep.
Thank you
A REDS listing is valid for five years, so your name should be off the list by now. If the FSP employs you, it will apply to the FSCA to remove you from the debarred list.
I have been debarred since 2010, I have embarked on a career in a completely different industry and I have no intention of entering the fsp sector again.As a matter of peace of mind I would like this debarment to be removed from my name,but I have no intention in seeking employment in the fsp industry or ever will again.is there any other way to get this removed from my name?
At this stage, there is no mechanism for removing a section 14 debarment apart from approaching the Tribunal (although the period for you to complain has prescribed) or being employed by an FSP.
Hi Mark, My question is based on one of your responses (((((A REDS listing is valid for five years, so your name should be off the list by now. If the FSP employs you, it will apply to the FSCA to remove you from the debarred list.)))))
I was debarred in 2018, I think red listed too because its been there for 5 years now, July was my 5th year of debarment, so since you say that His name should be off the list does it mean that after my name has been off the list the only thing left is to be employed by FSP to be removed? Is there any other way way though for me to be removed? I have worked as a credit controller with Non FSP companies, and currently studying Accounting. I really need to be out of this because I want to work in the financial inst… as i will work with finances ill need to be clean.
Can you kindly advice me on what i can do please.
Yes, to be removed from the list of debarred reps, you must be employed by an FSP. There is no other way to be removed from the debarred list.
Hi Mark, I was debarred in the 13/05/2022 according to the letter I received from my previous employer also according to the FSCA website. I was debarred based on honesty and integrity under section 14, on my letter from the fsp there is no duration of the debarment stated so do I have to wait 5 years to be reappointed or do I find a fsp that is willing to hire me and apply to the FSCA for me?
Please advise which is the best way forward to get reappointed.
Were you debarred by the FSCA or by an FSP?
Got my department letter from the FSP I was working for last year. I just done a check with my ID on the FSCA website and it shows my name and reason honesty and integrity.
An FSP debarment is for a minimum of 12 months. You don’t have to wait 5 years to seek re-appointment by another FSP.
Maybe a silly question Mark but how do we tell the difference, if one was debarred by FSP or FSCA?
The Notice of Debarment will be issued by the FSP if you were debarred in terms of section 14 of the FAIS Act.
Okay awesome so now I just have to find a FSP that is willing to reappointed me?
Awesome so I just need to find a FSP that is willing to reappointed me now?
Yes.
Good day
I was suspended in 2022 August at my previous employed, we took the matter to CCMA and everything was settled, then i resigned after i was found innocent but now i keep getting emails from my previous employer that they want to debar me, what is it i nned to do?
The CCMA deals with disputes related to employment contracts. Debarment is for FAIS Act issues. That the CCMA found you innocent does not necessarily mean you cannot be debarred. If the previous employer has sent you a notice of intention to debar, you need to respond to the notice, stating your case. If a debarment hearing is set down, you should attend the hearing. If you are debarred and you believe the previous employer has acted incorrectly, you should take your case to the Financial Services Tribunal.
one more question Mark, can someone without RE5 be debar?
Are they a rep working under supervision?
Good day
I got debarred by Discovery in 30/05/2023 under honesty and integrity. Just for clarity purposes,
Can I still write my RE5 while debarred?
Do I have to wait for 12 months period to lapse in order for me to start applying for employment in an FSP or I can start applying during the 12 months period?
You can write your RE5 while debarred. You can apply for employment.
My wife have been accused of dishonesty from the company she was working for and the matter went to court of law and the case was dismissed the sad part she even approached the company still they don’t want to remove her from reds and fsc she want to ccma they said she must approach high court than she’d did.still the matter is not resolved come she needs advocate and we don’t have money to get one we want to pro bono advocate still it takes long.from 2016 till now she still can’t find work because of that even though the case was dismissed am the only person who’s.working and its hard for us is there any other way to remove her name at reds and fsc please help
Hi Tsepo;
If your worry only concerns the REDS listing, i can provide free pointers if you send a message to RemoveREDS@gmail.com (RemoveREDS at gmail dot com). The REDS was created in 1999 for fraud but the laws of the country have evolved. Also, a listing takes 5 years now but you can reduce that to 0 years.
If you meant a debarment in terms of FAIS, you can go to the Financial Sector tribunal and your wife would have been provided with the details for this. If not, the FSP likely didnt follow the correct procedure and you launch an attack at the tribunal on this basis as well.
FYI:
1. You don’t need the high court for REDS list removal unless you want to pursue a delictual claim of more than R400k for being listed in a way that is unreasonable. If all you want is removal and then to move on, then a magistrate court is enough and you can do this on at least 2 grounds that have nothing to do with the reasons that relate to your listing
2. A magistrate court will do if you want to litigate the reasons of being placed on the REDS and simply want yourself removed.
3. If you need pointers as well as a way to collect additional evidence that you need for the magistrate court, let me know and i can assist you with these so that you don’t have to spend money on this.
4. Again, there are three other legal ways of achieving the REDS removal without even stepping a foot in court but i can share the instructions to collect additional evidence that you need and are entitled to before visiting the correct magistrate court (you dont need a lawyer but you need to be organised)
Good day , please explain to me …. If a person was Debarred user dishonesty and integrity 2016 before the act was amended how long will his or her name stay on the list? Or is a life sentence?
The same requirements apply. The debarment is for 12 months. The rep is removed from the debarment register when employed by an FSP.
Thank you Mark , but if u can’t get any Fsp that is willing to employ you , so what then?
There is nothing one can do.
I would like to know how long I must wait for FSCA to remove me from derbament hence a new FSP as forwarded all documents required .
If you were debarred by the FSCA, the Authority should have informed you of the debarment period. If you were debarred by an FSP, you are debarred for at least 12 months. Thereafter your debarment ceases when an FSP employs you.
I was debared in 2017 Oct for honesty and integrity and I need to apply for upliftment of debarement what is the process that I need to follow
You need to find an FSP that will employ you.
Hello,I was given an option to voluntarily resign after the case of dishonesty, then I was told that if I resign I will not be Redlisted that deal happened through Sasbo, and it went through but now I thought debarment is included in that deal and it was not, now I got hired by another fsp and I have been working for 6 months with them them. So the whole process and the deal took place between December 2022 to Jan 2023 then I resigned in February the 1st, 2023, now it’s now 30th October 2023, I have received a letter that states that they are debarring me, will the current company be informed automatically or should I inform them by myself? Yhoo I am stressed, I don’t know whether to go to the office by myself or they will be automatically informed. Please help.
The company may not be informed automatically, so you should inform them. You should respond to the debarment notice and state your case.
Hi Mark, thank you so much for the work you do.
This is my story…
I was debarred from an FSP since 2021 under honesty and integrity. However, I never attended my trial to state my case as I was told to wait for the call (the notice and trail was sent through email, I didn’t have data at the time) to inform me of when the trial will start. However, what I got was the final verdict of being debarred for 5 years in my absence. What do I do in this case?
Not attending the debarment hearing does not prevent an FSP from debarring you. You can take your case to the Financial Services Tribunal.
hi mark
i was debarred seens 2019 its been 4 years now, but i want to know when i will be back on selling financial product..it takes how many years to be debarred?
Debarment is a for 12 months. Thereafter, you can look for an FSP who wants to employ you.
Good day
If a debarment is uplifted and you no longer appear on the debarment register, can the history of the debarment appear on FAIS checks that companies do when hiring new employees? An EMI check for example. And if so, who do we appeal to, to have the history removed completely so that it does not appear on FAIS checks, and how is this process done? Thank you in advance for your kind response.
As far as we are aware, once the debarment has been removed from the FSCA database, it would not show up in any query that the person was previously debarred.
We would caution against trying to hide the fact that a person has previously been debarred. This would raise issues of Honesty and Integrity. The incidents which indicate whether a person is not honest or lacking integrity include “has been removed from an office of trust for theft, fraud, forgery, uttering a forged document, misrepresentation, dishonesty, breach of fiduciary duty or business conduct;”
If a person has previously been debarred, they should indicate this in their application for employment and what has since happened to make it no longer relevant, e.g. the Tribunal may have set it aside.
Hi Mark
Please advise if you had been previously debarred and had the listing removed, will the history of your debarment show up in an advanced FAIS check conducted by a new employer? Can they pick up that you were previously debarred or will if just show that the advisor is not debarred? Thank you in advance.
Hi Mark,
I have passed my 12 month debarment process, trying to get reappointed and I was asked about a letter of rehabilitation, how or where do I even get this? Haven’t heard about this before.
Thank you so much for your assistance.
The legislation does not specify a letter of rehabilitation. You need to meet the requirements of Board Notice 82 of 2003 – Determination of requirements for reappointment of debarred Representatives. Specifically, you need to meet the fit & proper requirements in S8(1) of the FAIS Act. [Probably should be 8A].
However, an FSP may not appoint a Representative who is an unrehabilitated insolvent. If a person has been declared insolvent, they would need confirmation they are rehabilitated.
i have apply to sanlam and mango 5
in 2022 they told me they cant employ me because i have been debard from selling any kind of insurance product so this year its 4 years 3 months
Hello,
Can one be debarred for being under debt review?
Good Day
I was debated with fnb back in 2017 for dishonesty and integrity basically I was not honest about my time sheet,I’d write 8am even if i came at 9 or write 8am even if i came in at 7:30am,now im trying to get my name uplifted and I’m facing difficulties.and how long does the FSP keep debarment documents for?
Hi Zama my name is Tshepiso and I’m also trying to get my debarment uplifted, can I kindly please ask how did you go about getting your name removed from the debarment list?
Good Day
I was told that I’m debared for 5 years because of honesty and integrity,but no just recently found out that the 5 years debarment is if your being listed on the REDS list but for me I was DEBARD for dishonesty on my time sheet,it was not financial frau, does this mean I was wrongfully DEBARD?
Did you receive the debarment notice? If so, from who?
Good day
I’d like to ask, are there any specific FSP’s that can assist in uplifting debarment?
No, we are not aware of any.
Good day I was debarred 2019 March for honesty amd integrity, the period of debarment is not stated, I would love to know what must I do to uploft my name coz I got the proof of my innocence .
If you believe the debarment was incorrect, you can lodge a dispute with the Financial Services Tribunal.
Debarment is not uplifted automatically. If you are debarred by an FSP, the debarment is a minimum of 12 months. Thereafter, you can apply for re-appointment by an FSP.