ARTICLE · 08 JULY 2020

Is A Separate Debarment Enquiry In Terms Of FAIS Necessary?

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The debarment of representatives and key individuals of Financial Service Providers ("FSPs") is regulated by the Financial Advisory and Intermediary Services Act, 2002.

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The debarment of representatives and key individuals of Financial Service Providers ("FSPs") is regulated by the Financial Advisory and Intermediary Services Act, 2002 ("FAIS Act"). The FAIS Act requires close supervision by FSPs over their representatives.

Background

Pieter Willem Basson was debarred by Associated Portfolio Solutions (Pty) Limited ("APS") and Pentagon Financial Solutions (Pretoria) (Pty) Limited ("Pentagon") under the FAIS Act. Mr Basson was suspended from his employment by APS and Pentagon pending an investigation into the allegations of misconduct that had been levelled against him. The investigation culminated in a disciplinary enquiry which ultimately found Mr Basson guilty of misconduct and recommended that he be dismissed.

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