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Regulatory Examination and Wealth Management Qualification Fraud

19 June 2017

The industry will have seen an increase in the number of debarments cases over the last year. The main reason for this increase is that qualification and examination fraud was discovered by the Financial Planning Institute of Southern Africa (FPI) which has required the FSB to take action against a large number of individuals.

FSB appoints a curator for Bophelo Beneficiary Fund and Benefit Services

15 June 2017

Following the recommendation of the Statutory Manager of the Bophelo Beneficiary Fund and Bophelo Benefit Services, the Registrar of Pension Funds has appointed a curator for the two entities. Mr Juanito Damons is a respected and experienced lawyer, and is well placed to perform this function.

FSB warns the public against Opportunities Investments trading as Opportunities Investments Stokvel Club

13 June 2017

The Financial Services Board (FSB) warns the public against conducting financial services business with Opportunities Investments trading as Opportunities Investments Stokvel Club (Opportunities Investments). Opportunities Investments is not an authorised Financial Services Provider and the public is warned to exercise caution when dealing with this entity.

FSB warning: Illegal usage of FSB logo

13 June 2017

The Financial Services Board (FSB) has been notified of the illegal usage of its company logo, letterhead and signature of the chairman of the board, Mr Abel Sithole on a fraudulent letter purporting to be an instruction to Standard Bank Limited and other Investors from the FSB to release funds to the tune of R85 000 000.00, to a certain GAMATUBA FARMING.

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Question

The strongest deterrent against FSP compliance missteps is or should be:

Answer

A criminal conviction Debarment Fine or penalty Any of the above can work

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