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.
Financial Services Tribunal
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Pension Funds Adjudicator cannot enforce court orders
Applicant obtains High Court orders to get her share of ex-husband’s pension interest.
Tribunal sends a warning about misusing contracts to avoid paying benefits
Labour legislation sets down the criteria that determine whether someone is an employee.
Regulators are turning up the heat on Markus Jooste
JSE imposes fines totalling R15 million and bars Steinhoff’s former chief executive from holding office as a director.
Tribunal rules on former deVere director’s application against R2.5m fine
Can a director be held criminally liable for acts or transgressions by a company?
Tribunal slashes penalties imposed on the Land Bank’s insurance companies
Prudential Authority fined them an effective R2.688m for contraventions of the Short-term Insurance Act and the Insurance Act.
The tribunal can only reconsider ‘a decision’
How does section 218 of the Financial Sector Regulation Act define what ‘a decision’ is?
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.
Sanlam should be bound to the higher benefit value, RA fund member tells Adjudicator
Discrepancy between the figures on his benefit statement and those on Sanlam’s website.
FSCA has another go at fining Markus Jooste
This is a year after the Financial Services Tribunal set aside the Authority’s penalty of almost R162 million.
Unemployed trader applies to tribunal to have penalties reduced
The FSCA had already reduced the penalties and dropped the intention to debar for 10 years.
FAIS Ombud told to reconsider complaint against Old Mutual for rejecting liability claim
Tribunal was ‘not afforded the courtesy’ of an explanation for the ombud’s failure to respond to questions from the deputy chairperson.
Conclusions depend on the facts of each case, says FST as it sets aside determination for the third time
Tribunal repeats its previous ‘recommendation’ that the FAIS Ombud obtain oral and expert evidence to resolve the disputes of fact.
Ombud’s facts and findings don’t add up, says tribunal in setting aside property syndication determination
Referring clients to another broker does not constitute advice for the purposes of the FAIS Act.
How the FSCA decides on the size of an administrative penalty
And how the Financial Services Tribunal assesses whether the fine was appropriate.
