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Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)

Chapter III : Representatives of authorised Financial Services Providers

14A. Debarment by registrar

 

 

1) The registrar may, subject to subsection (2), at any time debar a person, including a representative, for a specified period from rendering financial services if satisfied on the basis of available facts and information that the person—
a) does not meet, or no longer meets, the requirements contemplated in section 8(1)(a); or
b) has contravened or failed to comply with any provision of this Act.

 

2) The provisions of section 9(2) regarding a decision to suspend a licence, apply with the necessary changes to the debarment of a person contemplated in subsection (1).

 

3) An authorised financial services provider must within a period of five days after being informed by the registrar of the debarment of a representative or key individual, remove the names of that representative and key individuals from the register as contemplated in section 13 (3).

 

4) The registrar may make known any such debarment and the reasons therefor, or the lifting thereof, by notice on the official web site or by means of any other appropriate public media.

[Subsection 4 amended by section 188 of Act No. 45 of 2013]