This blog was co-authored with Maano Manavhela, Candidate Attorney.

In this case, the applicant (Eskom’s captive non-life insurer) applied to the Financial Services Tribunal for the reconsideration of a R5 million penalty imposed by the Prudential Authority. The insurer was fined R5 million for contravening the Insurance Act and two of the Prudential Authority

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