FSCA imposes penalty on Southern Africa Funerals Assurance Services Holdings (Pty) Ltd and Mr Ryno Delport
The FSCA in February imposed an administrative penalty of R 50 000 on Southern Africa Funerals Assurance Services Holdings (Pty) Ltd (SAFAS) and its director Mr. Ryno Delport following complaints made by the public and the findings of a comprehensive investigation.
SAFAS and Mr Delport were found to have issued funeral polices without authorisation and without having an underwriter for SAFA’S funeral scheme. The FSCA decided to impose an administrative penalty of R 50 000 on SAFAS and Mr. Delport in terms of section 167(1)(a) of the Financial Sector Regulation Act (FSR Act).
FSCA imposes penalty on Mr Mareo-John Nel t/a Simply FX
The FSCA imposed an administrative penalty of R 100 000.00 on Mr. Mareo-John Nel, trading as Simply FX, following complaints made by the public and the conclusion of a comprehensive investigation. The FSCA found that Mr. Nel contravened Sec 7(1)(a) of the Financial Advisory and Intermediary Services Act 37 of 2002. Mr Nel made a legal undertaking to repay clients that suffered losses resulting from his misconduct. Consequently, the FSCA demonstrated leniency and imposed an administrative penalty of R 100 000.00 on Mr. Nel in terms of section 167(1)(a) of the Financial Sector Regulations Act, 9 of 2017.
Back |
