FSCA imposes administrative penalty on Mr Craig Timothy Featherby

The Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty of R 800 000 on Mr Craig Timothy Featherby (Featherby) in terms of section 167(1)(a) of the Financial Sector Regulation Act No.9 of 2017 (the FSR Act).

This followed an investigation into certain financial services activities of deVere Investments South Africa (Pty) Ltd (deVere). After due consideration of the facts and evidence gathered, the FSCA found that Featherby who was the key individual (KI) of deVere, during the period 12 February 2009 to 30 April 2014, failed to comply with paragraph 42(1) of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017, published under Board Notice 194 in Government Gazette 41321 of 15 December 2017. Featherby did not ensure that he had the operational ability to effectively manage and oversee the financial services related activities of deVere as required of KIs in the abovementioned regulations.

A copy of this enforcement order can be found here.

The enforcement process with relation to other parties involved in deVere at the time is ongoing.