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FSP alleges rep not financially sound because he missed car repayments
The Financial Services Tribunal overturns the debarment because of insufficient evidence of misconduct and lack of financial soundness.
‘Lack of maintenance or wear and tear’ gave rise to most of the disputes in several categories of insurance.
Read moreThe Financial Services Tribunal overturns the debarment because of insufficient evidence of misconduct and lack of financial soundness.
Litigation between Trustco and the JSE over the group’s financial statements.
Dismissed adviser says she helped her clients pay their premiums so they could keep their life cover while experiencing temporary financial challenges.
The onus lies with the FSP to prove the facts it relies upon to debar its representative on a balance of probabilities.
Medsafu’s letters alerted the applicant that the outcome of the process may include debarment, the Tribunal finds.
The Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.
There are differences in the circumstances surrounding the debarments and the reconsideration applications.
The FSP conflated the requirements for debarment under section 14 of the FAIS Act with the requirements and procedure for a debarment by the FSCA.
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
Insisting on a formal hearing at the Tribunal, and then not attending it, may have unpleasant consequences.
The Authority’s findings in respect of an investigation have no legal consequences, the FST says.
The rep said she corrected the errors herself to avoid inconveniencing the customer and embarrassing the company, not to commit fraud.
The Financial Services Tribunal says the dispute is ‘one of the many cases where employers use labour disputes to debar FSP representatives’.
The sales agent was accused of manipulating quotes to reduce clients’ motor vehicle insurance premiums.
“In the Moment” report projects a decline in fuel prices, a deceleration in food inflation, and the possibility of an interest rate cut in the second quarter.
If the rules do not state the actual composition of the board, it will not be possible to determine whether the board is properly constituted at any given time.