Ilse Becker and Others v The Financial Services Conduct Authority and Others (454/2022)
Ilse Becker and Others v The Financial Services Conduct Authority and Others (454/2022) [2023] ZASCA 149; 2024 (2) SA 348 (SCA) (10 November 2023)
The Supreme Court of Appeal held that the Financial Sector Regulation Act, properly interpreted, does not exclude the right of affected persons to make submissions on whether a contravention of a financial sector law has occurred. Section 154 requires the Authority to provide reasons and invite submissions on all matters relevant to a proposed debarment order, which necessarily includes the issue of contravention. Similarly, section 167 requires consideration of submissions relevant to the imposition of administrative penalties. Even if the Act did not expressly require such submissions, sect…
Source excerpt
- Procedural Fairness
- Financial Sector Regulation
- Administrative Penalty
- Debarment Order
- Subsidiarity
- Promotion Of Administrative Justice Act