Dynamic Wealth Management’s FAIS licences are reinstated

Late in 2009, the FSB applied for curatorship over Dynamic Wealth Management (DWM) for various reasons and last week the court ruled against the FSB and dismissed the case with costs. Then about 10 days ago, the FSB revoked the FAIS licences of DWM who then applied for an urgent interdict against the FSB to reinstate these licences. Earlier today this application against the FSB was granted and DWM’s FAIS licences were reinstated with immediate effect. Both these outcomes were for the FSB’s costs.

Says Robert Walton, managing director of Metropolitan Collective Investments (MetCI), since DWM’s FAIS licences were revoked, overall responsibility for the portfolio management of the DWM unit trust funds was taken over by MetCI. Now, with the reinstatement of DWM’s FAIS licences, portfolio management will effectively revert to DWM, while overall responsibility for portfolios, including compliance and administrative processes continue to be the responsibility of MetCI.

MetCI will closely monitor the situation and the outcome of further court action and will ensure that unit trust investors’ interests are not compromised in any way.