FSCA fines Charles Winshaw R10,000 for representative failings

According to the order issued by the enforcement division of the Financial Sector Conduct Authority (FSCA), Charles Winshaw transgressed s 13(1)(b)(i) of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act), in that he acted as a representative of an authorised FSP, but failed to comply with the following;

1. Prior to rendering financial services, he did not provide confirmation, as certified by the provider, to clients that a service contract or other mandate, to represent the provider, exists.
2. Prior to rendering financial services, he did not provide confirmation, as certified by the provider, that the provider accepts responsibility for those activities of the representative performed within the scope of, or in the course of implementing, any such contract or mandate.

Full details of this case can be read in the full order.

Full Order