Evidence of material bias in Discovery Connect debarment, says Tribunal
The sales agent was accused of manipulating quotes to reduce clients’ motor vehicle insurance premiums.
Debarment
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‘A key individual is not only responsible to oversee the categories of financial services for which he is licensed, but he bears an oversight role in relation to the FSP generally.’
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An affidavit from the client contradicts the bank’s version that the representative acted fraudulently.
Discovery Connect acts against sales agents who manipulated clients’ policies
The Financial Services Tribunal hears the reconsideration applications brought by three of the 15 implicated agents.
Two defective intention notices scupper representative’s debarment
FNB argued the Tribunal should accord greater weight to the severity of the rep’s misconduct than to ‘procedural mis-steps’.
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The FST emphasises that labour-related and FAIS-related matters are distinct.
Rep’s version of accessing client’s account ‘doesn’t ring true’, says Tribunal
The FST questions why he would take a call on his private cellphone from a friend of a friend and access confidential information without authority.
Tribunal rules in favour of rep who found out about her debarment from the FSCA
The debarment procedure did not comply with the FAIS Act in a number of ways, the FST finds.
Former bank employee’s ‘good intentions’ not enough to avoid debarment
The Financial Services Tribunal hears another case involving a representative who ‘completed’ proof of address letter on clients’ behalf.
FSP debars representative for not returning a tablet
The fact that the applicant did not sell any products or receive remuneration did not nullify his status as a representative.
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Standard Bank debarred a branch team leader for using her own money to activate four accounts without the customers’ consent.
Tribunal sets aside Capitec’s debarment of a rep who joined a competitor bank
The jurisdictional fact required for the debarment was absent.
Representative debarred for submitting falsified Uber receipts
The Tribunal reiterates that FSPs should not issue a debarment purely on the outcome of a disciplinary hearing.
Forex trader seeks to have R20m fine and 20-year debarment reconsidered
Craig Massyn submits the penalties imposed on him were disproportionately large compared to those imposed on the other directors of the Praesidium Group.
Tribunal rejects debarred FNB representative’s ‘prevailing practice’ defence
No evidence that staff were instructed to verify prospective clients’ addresses using blank letters provided by the municipality, FST finds.
Debarment is not optional when a rep is no longer fit and proper
Two recent decisions by the tribunal highlight misconceptions about debarment that need to be dispelled.
Is a long delay between the notice of intention to debar and the debarment procedurally unfair?
FNB debars consultant who issued unauthorised letters stating a company was good for up to R900 million in credit.
