This blog was co-authored by Anathi Xaba, a candidate attorney.
In February 2025, the Financial Services Tribunal upheld an FSP’s decision to debar its representative, finding that the lack of a written debarment policy of the FSP did not undermine the overall fairness of the process followed. Procedural fairness does not require strict adherence to
This blog was co-authored by Yuveshen Naidoo, Candidate Attorney.
On 23 December 2024, the Financial Services Tribunal upheld an FSP’s decision to debar its representative in terms of section 14(1) of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) for breaching the “fit and proper” requirements under the FAIS Act. In
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
On 4 December 2024 the Financial Services Tribunal found that a journal entry processing a transaction on the last day of the month and reversed the very next day in order to reflect a loan as terminated in a regulatory return under the Mutual Banks Act of 1993 resulted in a misleading return which the Prudential
A recent Financial Services Tribunal decision, handed down on 28 October 2024 in the matter Seth Bouah v Sanlam Umbrella Provident Fund and Others with Case No: PFA29/2024, confirmed that the Pension Funds Adjudicator (OPFA) lacks jurisdiction to entertain unapproved disability benefit claims underwritten by the insurer.
The main issue which was under re-consideration was
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
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 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
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
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