Middelburg broker slapped with R1 million fine and 15-year debarment
The FSCA levied a R100 000 penalty on Wenru, the financial services provider implicated in the case.
The FSCA levied a R100 000 penalty on Wenru, the financial services provider implicated in the case.
Jooste was more blameworthy than others because he deliberately contravened the law and was well qualified to understand his conduct’s implications, the FSCA says.
The penalty is R8 215 a day, in terms of the Long-term Insurance Act or the Short-term Insurance Act.
‘A key individual is not only responsible to oversee the categories of financial services for which he is licensed, but he bears an oversight role in relation to the FSP generally.’
His FSPs were fined a total of R250 000 for selling two products before they were licensed.
The Financial Services Tribunal (FST) has told the FSCA to reconsider the penalty of R4 000 a day it imposed on Akani Retirement Fund Administrators in 2020 for not submitting reports timeously. The total […]
The FSCA has imposed penalties of R110 000 on both Viva Cover (Pty) Ltd and Comit Technologies (Pty) Ltd for contravening various provisions of the General Code of Conduct from November 2013 to […]
The FSCA has agreed to reconsider the R50 million penalty it imposed on Mirror Trading International (MTI) for conducting unregistered financial services business in contravention of the FAIS Act. The Financial Services Tribunal […]
The Financial Intelligence Centre (FIC) this month imposed administrative sanctions against a Krugerrand dealer and seven motor vehicle dealerships for non-compliance with the Financial Intelligence Centre Act. The FIC said the imposition of […]
Employer deductions from pension funds have raised many questions in the past. What is legal? Can a pension fund pay-out be delayed? Can damages as a result of theft or fraud be deducted, […]
We recently came across an example of just how loaded the dice are against clients wishing to effect section 14 transfers. When requesting a quote for such a transfer, the client was informed […]
The Enforcement Committee of the Financial Services Board levied a penalty of R100 000 against a short-term insurer, following a referral by the Registrar of Short-term Insurance stemming from a contravention of section 44 […]