FAIS act – Page 2 – Moonstone Information Refinery

Watch: MBSE launches RE training for FAIS representatives

Adjudication of the complaints requires hearings, which are more conducive to a court of law, the Ombud says.

Two recent decisions by the tribunal highlight misconceptions about debarment that need to be dispelled.

FNB debars consultant who issued unauthorised letters stating a company was good for up to R900 million in credit.

The former bank manager’s actions were driven by desperation, but the FAIS Act is not forgiving, the tribunal says.

The exemption allows banks to provide financial services to certain clients without meeting the requirements of the FAIS Act.

Material discrepancies about a newly appointed financial planner’s employment history came to light while she was being on-boarded.

The FSCA wants to know whether applicants are compliant with the Financial Intelligence Centre Act.

In one case, the FSP was still investigating the alleged fraud when it decided to bar the representative.

The Authority has changed its mind about the requirement to have a recognised qualification.

FSCA wants to step up market surveillance to combat insider trading and price manipulation.

The employer did not point to a single provision in the FAIS Act, or any other legislation, that prohibits this.

The applicant was ‘left to guess’ the factual allegations on which the intended debarment was based, tribunal says.

That the parties entered the agreement after the notice of intention to debar had been sent was highly relevant.

She alleged the evidence of her conduct was obtained through an ‘unlawful search’ of her personal email account.

About R1 million in investors’ funds was misappropriated.

The declaration of crypto assets as a financial product does not affect financial services rendered in relation to crypto asset derivatives.

Applicant tells the tribunal she transferred the information to her private Gmail account to support her complaint to the CCMA.