This blog was co-authored by Yuveshen Naidoo, Candidate Attorney.
On 26 September 2024, the Financial Services Tribunal dismissed an application for reconsideration of a bank’s decision to debar its former risk advisor. The applicant was found guilty of misconduct and summarily dismissed for sharing confidential client information with a competitor and debarred. The question before
In a December 2023 decision the Financial Services Tribunal upheld the debarment of the key individual of a fund of funds investment vehicle, Stringfellow Investments, on the grounds of his material failure to perform his oversight and management role in relation to the financial services provider as prescribed in the FAIS Act. A key individual
The exemption of Banks in respect of financially sophisticated and high-wealth corporate clients, referred to as the Merchant Banking Exemption (BN 103 of 2004), was extended by FAIS Notice 35 of 2023 until 30 June 2025.
The clients covered under the Exemption include other banks, central banks, insurers (life and non-life insurers), asset managers who
In an April 2023 Financial Services Tribunal decision (T Singh v Marsh) previously discussed here (The FAIS Act and debarment: fit and proper), (The jurisdictional requirements for FAIS debarment) and (FAIS debarment: an honest person with integrity), the Tribunal reminded us that debarment is not aimed at
In the April 2023 Tribunal decision discussed here (The FAIS Act and debarment: fit and proper) and here (The jurisdictional requirements for FAIS debarment) the Tribunal considered a requirement that a fit and proper person must be an honest person with integrity.
With regard to the element of dishonesty the Tribunal referred
In its April 2023 Tribunal decision, discussed here, the Tribunal discussed the three jurisdictional requirements for debarment.
They should be borne in mind before proceeding with any debarment steps:
“The reason for debarment must have occurred or must have been known to the financial service provider while the person was a representative of the
In April 2023 this decision of the Financial Services Tribunal application was made for reconsideration of the decision of the FSCA to debar a natural person.
In the context of the FAIS Act a fit and proper person is someone who is considered to have the necessary integrity, competence and financial soundness to operate as
This blog was co-authored with Julian Scholtz, Candidate Attorney.
While the Protection of Personal Information Act, 2013 (POPIA) is widely accepted as the primary legislation dealing with the processing of personal information, it is important for financial service providers (FSPs) to take note of their duties in the Financial Advisory and Intermediary Services
In November 2020, the FSCA released a draft declaration to include crypto assets as ‘financial products’ under the Financial Advisory and Intermediary Services Act, 2002. The effect of the draft declaration, once made final, would be that any person providing advice or intermediary services in relation to crypto assets would need to be licensed as
In order for a representative to be debarred, there must be non-compliance by the representative or the key individual of the financial services provider with, amongst other things, the “fit and proper” requirements of the FAIS Act.
The fit and proper requirements are measured against a number of categories including those of personal character qualities