The FSCA announced this week that it has imposed a fine of R200 000 on Poneso Employee Benefits and Actuarial Consultants (Pty) Ltd and Poneso Consulting (Pty) Ltd for contravening a provision of the General Code of Conduct between March 2016 and October 2018.
According to the administrative penalty order dated 27 May, Poneso Employee Benefits and Poneso Consulting failed to keep client funds separate from those of its business, which is a contravention of section 10(1)(d)(ii) of the General Code of Conduct.
Poneso Employee Benefits and Poneso Consulting have remedied the non-compliance, the FSCA said.
