Financial Services Tribunal case – K&L Brokers CC v FSCA
Publish date: 10 May 2019
Issue Number: 70
Diary: CompliNEWS
Category: Case
It was found in this case that no reasonable grounds existed in relation to hardship to support an application for exemption from the competency requirements of fit & proper.
'What is apparent from the reading of section 44 of the FAIS Act is that the powers of the Respondent is qualified, that is the Respondent may only exempt a person if reasonable grounds exist to do so and only if the Respondent is satisfied. Therefore in exercising the Respondent's discretion, it is necessary to have regard to the qualifying factors set out in section 44.'
Summary: Application in terms of s 230 of the Financial Sector Regulation Act 9 of 2017 (FSRA) – Failure to comply with requirements in s 44(4) of the Financial Advisory and lntermediary Services Act 37 of 2002 (FAIS Act), to exempt sole key individual and representative from completing required regulatory examinations – Costs and exceptional circumstances.
