Financial crimes watchdog nets R100 million in penalties

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.The Financial Sector Conduct Authority has, over the past year, imposed R100 million in penalties against firms and individuals found guilty of misconduct, and referred dozens of cases to the police.

“We are doing this job to keep your industry clean. Timely and visible enforcement is only credible as a deterrent if it is visible, which is why it is written into our law that every sanction we impose is published,” Van Deventer said. “Funeral parlours are different in that they serve the community in a good way with a very important service and the community supports them. But the problem is that they are collecting monthly premiums from clients, so that when the day comes they have to produce a funeral,” he said.

“It is shocking what is going on in the industry — rent-a-CV. There are key individuals who have never even been to the company. What is happening is people overseas are targeting South Africans to be key individuals and by the time the dust settles they are debarred, they are out of the industry and they get penalties they cannot afford and they are gone,” he said.

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