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.
FAIS act
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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.
High Court orders unlicensed brokerage to repay client €600 000 plus interest
Ruling provides clarity on the licensing requirements for local agents of foreign providers.
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.
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FAIS Ombud revises compensation order after tribunal asks her to reconsider determination
The determination did not sufficiently address an adviser’s submissions on the extent of the complainant’s losses.
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.
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.
FSP fined R50 000 for publishing incorrect information
The FSCA this week announced it has fined KEB Prosperity (Pty) Ltd R50 000 for contravening the FAIS Act for three months of last year. In a statement, the Authority said an investigation found […]
Procedural errors trip up FSP’s bid to debar a representative
A failure to adhere to the basic procedures set out in the FAIS Act resulted in the Financial Services Tribunal (FST) instructing an FSP to have another go at debarring a representative who […]
FAIS Ombud did not deal with experts’ evidence fairly, says tribunal
Another property syndication determination has been sent back to the FAIS Ombud, with the Financial Services Tribunal (FST) stating that the ombud had, among other things, not dealt fairly with the evidence of […]
Tribunal sets aside debarment of bank employee accused of sharing confidential information
The Financial Services Tribunal (FST) has set aside the debarment of a bank employee, saying the possibility or suspicion of the transgression was not a sufficient reason for him to be debarred. The […]
FAIS Ombud did not act impartially in Sharemax matter, says tribunal
The Financial Services Tribunal (FST) has sharply rebuked the FAIS Ombud for the way in which she arrived at a Sharemax determination, saying the ombud not only failed to interrogate the FSP’s version, […]
Are you ready for imminent crypto regulation in South Africa?
A long period of silence on cryptocurrency regulation in South Africa has finally been broken. South African Reserve Bank (SARB) deputy governor Kuben Naidoo has now confirmed that new regulations are set to […]
Old Mutual/Living Hands judgment: consider your verdict
In its response to the High Court’s decision in the Living Hands matter, Old Mutual said it was concerned about the precedent that the judgment sets “for the rest of the financial services […]
