Why the FAIS Ombud is closing its files on property syndication complaints
Adjudication of the complaints requires hearings, which are more conducive to a court of law, the Ombud says.
FAIS act
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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.
FST upholds debarment of rep who committed fraud to buy food for her child
The former bank manager’s actions were driven by desperation, but the FAIS Act is not forgiving, the tribunal says.
FSCA extends merchant banks’ FAIS exemption
The exemption allows banks to provide financial services to certain clients without meeting the requirements of the FAIS Act.
When does an ‘employee’ become a ‘representative’ who can be debarred?
Material discrepancies about a newly appointed financial planner’s employment history came to light while she was being on-boarded.
Window period for crypto asset FSPs to apply for a licence opens on 1 June
The FSCA wants to know whether applicants are compliant with the Financial Intelligence Centre Act.
Section 14(1) ‘knowledge test’ under the spotlight in two debarment matters
In one case, the FSP was still investigating the alleged fraud when it decided to bar the representative.
FSCA releases amended exemptions for crypto asset FSPs
The Authority has changed its mind about the requirement to have a recognised qualification.
‘Raft of financial sector legislation coming in the next 3 to 5 years’
FSCA wants to step up market surveillance to combat insider trading and price manipulation.
Debarment for being paid a referral fee by a competitor not justified, says FST
The employer did not point to a single provision in the FAIS Act, or any other legislation, that prohibits this.
Vital ‘ingredient’ missing in Old Mutual’s notice of intention to debar
The applicant was ‘left to guess’ the factual allegations on which the intended debarment was based, tribunal says.
Settlement agreement with representative sinks FNB debarment
That the parties entered the agreement after the notice of intention to debar had been sent was highly relevant.
Rep debarred for sharing client information while on garden leave
She alleged the evidence of her conduct was obtained through an ‘unlawful search’ of her personal email account.
FSCA imposes R2.5m fine for unauthorised derivatives trading
About R1 million in investors’ funds was misappropriated.
FSCA clarifies which trading activities require a licence
The declaration of crypto assets as a financial product does not affect financial services rendered in relation to crypto asset derivatives.
Brokerage debars KI for unauthorised transmission of confidential information
Applicant tells the tribunal she transferred the information to her private Gmail account to support her complaint to the CCMA.
