Legal Affairs

FAIS Act debarment is industry-wide

If a financial services provider debars one of its representatives in terms of section 14(1) of the FAIS Act 2002 on grounds relating to honesty and integrity, the debarment means that the representative is debarred on an industry-wide basis from rendering financial services to the investing public.

Without prejudice letter with admission of liability interrupts prescription

When a debtor received a demand to repay the balance of a R10 million loan it replied that it “would like to make a settlement proposal” but the company was “struggling to turn the business around”.

Material non-disclosures – cancellation of policy and serious financial difficulty

175 000 South African “have an affair” details posted on dark net

The popular dating website, AshleyMadison (with the slogan “Life is short. Have an affair”) was hacked about a month ago by the Impact Team, a self-professed hacktivism group that threatens to release confidential user information if their demands to take down websites are not met. The Impact Team has now followed through on their threat by dumping almost 10 gigabytes of data on the dark net. The dark net is a part of the internet that is not accessible by normal search engines and browsers and requires a Tor browser anonymised through onion routing.