Notice of intention to debar

20 March 2020 Myra Knoesen































Notice of intention to debar


The FSCA received a complaint from a customer that 'Insurance Apprentice Brokers' have contravened the binder, outsourcing commission regulations as well as the Policyholder Protection Rules (PPRs).

As a key individual of 'Apprentice Insurance Brokers' the apprentice is responsible for overseeing the function of advice and intermediary services. During its preliminary investigations, the FSCA assessed the Policy Schedule and interrogated the fees disclosed on the form against the requirements of the regulations and rules set out above.

Notified of the intention of the Conduct Authority to issue a debarment order against the apprentice for an alleged contravention the Insurance Regulations, the PPRs and the FAIS Act in a material manner, the key individual (apprentice) is required to attend a meeting with the FSCA to discuss the findings of the FSCA which were made after preliminary investigations were conducted.

It is assumed that the key individual is non-compliant and he or she is tasked with arguing the case by demonstrating how he or she is in fact compliant. The key individual could also concede that he or she is in the wrong and advise how he or she will remediate the position in an effort to plead their cases and avoid debarment.

With a tough task at hand did they meet the mandate set out by Judge Simon Colman, Executive Head of Digital Distribution at SHA Risk Specialists, Judge Nadia Starr, Chief Executive Officer at Inseta and guest judge Caroline Da Silva, Division Executive of Regulatory Policy at the FSCA?

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