Proceedings before enforcement committee under Security Services Act apply civil standard of proof The appellants in Pather v Financial Services Board failed in the suggestion that claims against it of contravention of the Security Services Act 2004 should have been proved by the enforcement committee according to the criminal standard, namely beyond reasonable doubt. The court held that the civil standard applies and that the proceedings and penalty … Continue reading
FICA exemptions for financial institutions withdrawn The FAIS regulator has withdrawn a number of exemptions from the requirements of the Financial Intelligence Centre Act 2001 for financial institutions including banks and insurers having to go through the FICA process for clients at the commencement of the relationship. The following exemptions were withdrawn with effect from 2 October 2017: ▪           R1596 of 20 December … Continue reading
Engineer’s fees are not for ‘performed labour’ under a construction guarantee (US) When an engineering company sought to recover under a contractors bond (construction guarantee) for unpaid fees for engineering services rendered, a court held that a bond which provided protection for entities that have ‘performed labour or furnished materials in the prosecution of the work’ did not include the engineer’s professional engineering services which were not … Continue reading
FAIS debarment does not entitle dishonest representative to damages A financial services provider debarred an employee and representative (who had taken up other employment whilst still employed and lied about it) without giving the representative notice and a fair hearing in terms of the Promotion of Administration Justice Act (PAJA) before doing so. The representative sued for damages for lost income based on this … Continue reading