Tag: fit and proper
FAIS debarment and what constitutes honesty and integrity
In order for a representative to be debarred, there must be non-compliance by the representative or the key individual of the financial services provider with, amongst other things, the 'fit and proper' requirements of the FAIS Act.
A caveat to the debarring of financial representatives
A recent judgment in the Supreme Court of Appeal has reconfirmed that the duty of debarring representatives, who do not meet the requirement of a ‘fit and proper’ person as prescribed in the FAIS Act, falls fairly and squarely on the shoulders of financial services providers (FSPs).
