Tag archives: Financial Services Tribunal

Jurisdiction of Pension Funds Adjudicator and Financial Services Tribunal over non-participating employers

By Ntokozo Ngubane and Michelle David on March 3, 2022 Posted in General

On 23 February 2022, the Financial Services Tribunal (FST) reinforced that an employee who does not have a “complaint” as provided for, in section 30A of the Pension Funds Act,1956 (PFA) cannot have recourse under the PFA. The fact of the case are: The applicant was employed as a truck driver by during the period … Continue reading

Financial Services Tribunal members

By Patrick Bracher (ZA) on February 24, 2022 Posted in General

The FSCA has published a list of the members of the Financial Services Tribunal. The Tribunal is headed by Chairperson Justice Y Mokgoro and led in the field of action by Deputy Chairperson Judge LTC Harms. There are 21 other capable members most of whom are experienced advocates. The Financial Services Tribunal has proved to … Continue reading

Tribunal upholds Prudential Authority penalty for unrecorded loan & dividends directive

By Patrick Bracher (ZA) on October 15, 2021 Posted in Insurance

An October 2021 decision of the Financial Services Tribunal upholding an administrative order, a directive, and a penalty by the Prudential Authority is worth noting. The Tribunal held there was no basis for successfully challenging the penalty for an intergroup loan arrangement not recorded in writing and for unjustified dividends paid. A small licensed life … Continue reading

Certifying documents as copies of the original without seeing the originals is dishonest

By Patrick Bracher (ZA) on June 4, 2021 Posted in General

The facts in a Financial Services Tribunal debarment matter were that the financial services’ representative had certified certain documents as copies of the original without having seen the original documents. She failed to ensure that she complied with the statutory requirements for certifying copies and the duties made mandatory upon her through her position as … Continue reading

Employer ordered to pay costs of application to the Financial Services Tribunal

By Michelle David on May 27, 2021 Posted in Banking

The Tribunal has determined that the employer in the recent decision in the matter of Oasis Group Holdings (Pty) Limited v Mansoor and Others, is liable for the costs of the fund member in opposing the application on the High Court scale. The costs order comes in the wake of the Tribunal having repeatedly dealt … Continue reading