Why the tribunal didn’t send this debarment decision back to the FSP
FST’s decision reveals a litany of problems with the procedure followed.
Debarment
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Key individual asks for R500k fine and five-year debarment to be reconsidered
Applicant argues that non-compliance is not a contravention when the law does not provide for a penalty.
What are the acceptable grounds for debarments?
A single act of dishonesty, incompetence, mismanagement or negligence may not by itself be grounds for debarment.
FSP debarred for allowing unlicensed FSP to operate under his licence
This case sends a serious warning to those who allow “spotters” to work under their licence.
Debarment where the relationship is governed by a franchise and an adviser agreement
Tribunal draws attention to the effect of selling the franchise house business on the financial adviser agreement.
How the FSCA decides on the size of an administrative penalty
And how the Financial Services Tribunal assesses whether the fine was appropriate.
Tribunal rules on debarments linked to fall-out between retirement fund administrators
It also clarifies the relationship between the courts’ findings and the reconsideration application.
Debarments: satisfying the FAIS Act and guideline requirements for procedural fairness
Ignoring emailed notices of an intention to debar doesn’t make them go away.
Legal framework and analysis of the debarment process
Debarment is an extremely important aspect of your obligations and rights under the FAIS Act and the Financial Sector Regulation Act.
Did debarment remorse lead to amended certificate of service?
Tribunal asked to rule on the impact of a labour dispute settlement agreement on an FSP’s debarment decision.
Decline in number of authorised FSPs
The number of authorised FSPs declined by 1.12% between 2021 and 2022, despite the FSCA approving more FSPs this year, the Authority’s annual report for the year to the end of March shows. […]
Standard Bank’s debarment stands despite ‘missing’ debarment policy
Financial Services Tribunal sets out why the policy’s absence from the record is not fatal to a procedurally fair process.
Debarred representative a no-show at tribunal hearing
A representative who failed to attend his debarment hearing was also a no-show when his reconsideration application was heard by the Financial Services Tribunal (FST). The representative’s ground for reconsideration was that he […]
Thinking of flying solo? Considerations for employers and representatives
On Monday, we published an article about a case where the “breakaway kids” used the FSP’s client data to feather their potential future nest. Read: Representatives used FSP’s client info to obtain quotes […]
Representatives used FSP’s client info to obtain quotes for a competitor
Financial Services Tribunal upholds their debarment, saying ‘filching’ client information is not only a contractual issue.
Webinar on the new code on workplace harassment and how to get debarments right
The recently published code that aims to eliminate all forms of workplace harassment will come under the spotlight in the first webinar to be hosted by Moonstone Compliance’s new Employment Law Service. The […]
Praesidium’s directors, key individuals fined millions of rands and debarred
The FSCA has fined the directors of the Praesidium Group a total of R29 million and debarred them for between 10 and 20 years after its investigation into the group’s entities found they […]
