A financial adviser who admitted to taking money from Standard Bank Financial Consultancy has lost his bid to overturn his debarment. The Financial Services Tribunal dismissed his application, IOL reported.
The tribunal found that T Masiyakoana no longer met the fit-and-proper requirements for people who work in the financial services industry. It said the bank was legally obliged to debar him once it found he had breached the Financial Advisory and Intermediary Services (FAIS) Act.
“The tribunal does not find fault with the procedure adopted by the Respondent, nor its findings on the substantive issues,” the decision states.
The decision was handed down by tribunal panel members PJ Veldhuizen and LTC Harms.
Masiyakoana joined Standard Bank Financial Consultancy as a Financial Services Representative in September 2022. The company later started debarment steps against him after an investigation into his conduct.
According to the tribunal decision, the bank sent him a notice of its intention to debar him on June 10, 2026. He was given a chance to explain in writing why he should not be debarred.
He replied on June 25. After looking at his reply, Standard Bank went ahead and debarred him on June 29.
Masiyakoana then asked the tribunal to reconsider the decision under the Financial Sector Regulation Act.
The tribunal said he did not deny the claims against him in his reply to the bank. Instead, he asked that his personal circumstances and his remorse be taken into account.
He said he was willing to pay back the money he had taken. He also said he was a first-time offender.
“I was hoping that stating the reasons led me to commit such will be considered and the fact that I am willing to repair all the money taken,” he said.
Masiyakoana asked why his remorse and clean record had not given him the benefit of the doubt. He also objected to the decision to report the matter to the Financial Sector Conduct Authority (FSCA). He said he had been rehabilitated and would not repeat the conduct.
The tribunal said he still failed to deal with the admissions he made in his reply to the bank’s notice.
It looked at the fit-and-proper rules for financial services representatives under the FAIS Act and Board Notice 194 of 2017. The tribunal said these rules include honesty, integrity and good standing, which applied directly to his case.
The tribunal explained that Section 14 of the FAIS Act requires a financial services provider to debar a representative who no longer meets these rules. The same applies if the person has seriously broken or failed to follow the Act.
The process must also be lawful, reasonable and fair. The worker must get proper notice and a fair chance to respond before a final decision is made.
The tribunal found no fault in how Standard Bank handled the case. It said that, because of his admissions, the bank had a legal duty to debar him.
The tribunal then dismissed Masiyakoana’s application for reconsideration.
Source: this article is based on reporting by IOL. Image: IOL. Written with the help of AI and published by the Tzaneen Voice News desk. See our Editorial Standards.
Kgomotso Maake covers news and politics for Tzaneen Voice. Kgomotso reports on government, Parliament, municipalities, courts, crime and service delivery across South Africa, with a close eye on how national decisions reach towns like Tzaneen and the wider Limpopo province. Stories are written in plain English and focus on the facts: who made the decision, what it means, and what happens next.