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Registrar of Financial Services providers referred a case against PJD Financial Capital CC to the Enforcement Committee

19 August 2011 FSB

The Registrar of Financial Services providers (Registrar) referred a case against PJD Financial Capital CC (PJD) to the Enforcement Committee of the Financial Services Board.

The referral related to a contravention of sections 7(3) of the Financial Advisory and Intermediary Services Act, No.37 of 2002 (Act), namely conducting financial services related business with a person who was not authorized to render financial services or was a lawfully appointed representative and section 8(1)(a) of the Act read with section 2(1) of the “Determination of Fit and Proper Requirements For Financial Services Providers” (Fit and Proper Determination) in that it failed to disclose to the Registrar that it had an agreement to act as an administrator for such person. PJD admitted the contraventions and agreed to settle the matter.

The Registrar took into account, amongst others, that: the officers accepted responsibility for the contravention; PJD co-operated with the Registrar’s enforcement action; PJD demonstrated remorse by admitting the contraventions.

Consequently, the Registrar agreed to a combined penalty of R50000, which penalty was imposed by the Enforcement Committee on PJD on 15August 2011.

The details of this determination are available on the FSB website (http://www.fsb.co.za/) under “Enforcement Committee” and “Enforcement Actions”.

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