South Africa Case Law

Financial Sector Conduct Authority v Financial Services Tribunal and Others (009838/2023)

Financial Sector Conduct Authority v Financial Services Tribunal and Others (009838/2023) [2025] ZAGPPHC 675 (9 July 2025)

Court

North Gauteng High Court, Pretoria

Case number

009838/2023

Judge

N Janse Van Nieuwenhuizen

The court held that the FSCA may impose administrative penalties on peregrini under section 167 of the Financial Sector Regulation Act where the requirements of the section are satisfied and there is a sufficiently close connection between the conduct and South Africa. The court found that service of notice by any means, including electronic means, is sufficient to establish jurisdiction over peregrini for regulatory purposes. The common law was developed to reflect modern digital realities and the public interest in regulating cross-border financial misconduct. The majority decision of the T…

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• Financial Sector Regulation Act
• Jurisdiction Over Peregrini
• Administrative Penalties
• Service Of Process
• Development Of Common Law

Financial Sector Conduct Authority and Others v Deighton (A304/2022; 15703/2021)

Financial Sector Conduct Authority and Others v Deighton (A304/2022; 15703/2021) [2024] ZAGPPHC 88 (7 February 2024)

Court

North Gauteng High Court, Pretoria

Case number

A304/2022; 15703/2021

Judges

Kooverjie, Nyathi, Retief

The court held that the review application was premature and incompetent, as the investigation was ongoing and no final decision had been made by the FSCA. PAJA does not apply to investigative proceedings, only to administrative actions with direct external legal effect. The respondent was afforded procedural fairness appropriate to the investigation stage, including legal representation, advance notice of issues, and the opportunity to consult with counsel during interviews. The refusal to provide documents prior to interviews was rationally related to the investigation process and did not a…

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• Procedural Fairness
• Promotion Of Administrative Justice Act
• Financial Sector Regulation Act
• Midstream Review
• Natural Justice
• Investigative Vs Adjudicative Distinction

Prudential Authority of the South African Reserve Bank v Msiza and Another

Prudential Authority of the South African Reserve Bank v Msiza and Another [2023] ZAGPPHC 313; A294/2021 (2 May 2023)

Court

North Gauteng High Court, Pretoria

Case number

A294/2021

Judges

Swanepoel, Van Niekerk, Van der Westhuizen

The High Court held that an investigative report on the VBS matter was not reviewable under PAJA, but was reviewable under legality because its adverse findings were irrational without audi.

• Financial Sector Regulation Act
• Procedural Fairness
• Audi Alteram Partem
• Legality Review
• Commission Of Enquiry
• Reputational Harm

Trustco Group Holdings Limited v Financial Services Tribunal and Another (5640/2022)

Trustco Group Holdings Limited v Financial Services Tribunal and Another (5640/2022) [2022] ZAGPPHC 853 (7 November 2022)

Court

North Gauteng High Court, Pretoria

Case number

5640/2022

Judge

Potterill

The court found that the Financial Services Tribunal panel was properly constituted in terms of the Financial Sector Regulation Act, which does not require a member with accounting expertise for every panel. The argument that the absence of such expertise rendered the process unfair was rejected, as the panel could rely on expert evidence presented by the parties. The JSE's directive to restate Trustco's financial statements was within its powers under the Listing Requirements and the Financial Markets Act, as restatement is necessary to correct non-compliance with IFRS and protect the public…

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• Financial Sector Regulation Act
• Panel Composition
• Jse Listing Requirements
• Business Judgment Rule
• International Financial Reporting Standards
• Procedural Fairness

Deighton v Financial Sector Conduct Authority and Others (15703/2021)

Deighton v Financial Sector Conduct Authority and Others (15703/2021) [2022] ZAGPPHC 520 (8 July 2022)

Court

North Gauteng High Court, Pretoria

Case number

15703/2021

Judge

Millar

The High Court set aside an FSCA investigation as procedurally unfair after the applicant was denied prior access to documents used in questioning.

• Procedural Fairness
• Natural Justice
• Financial Sector Regulation Act
• Promotion Of Administrative Justice Act
• Unlawful Investigation
• Access To Documents

Prudential Authority v Maimela (31932/2020)

Prudential Authority v Maimela (31932/2020) [2022] ZAGPJHC 359 (26 May 2022)

Court

South Gauteng High Court, Johannesburg

Case number

31932/2020

Judge

Twala M L

The High Court granted provisional sequestration of the respondent’s estate after finding noncompliance with a repayment directive and an act of insolvency.

• Financial Sector Regulation Act
• Banking Without Authorisation
• Provisional Sequestration
• Act Of Insolvency
• Identification Of Depositors
• Provisional-sequestration

Dumakude v Nedbank Group (J2383/19)

Dumakude v Nedbank Group (J2383/19) [2022] ZALCJHB 40 (7 March 2022)

Court

Labour Court Johannesburg

Case number

J2383/19

Judge

M Makhura

The Labour Court does not have jurisdiction to order the removal of the applicant from the RED listing. The applicant failed to plead any contractual term or breach that would bring the matter within the scope of section 77(3) of the Basic Conditions of Employment Act. The RED listing process is regulated by the Financial Sector Regulation Act, which provides for a tribunal to reconsider and remove individuals from RED. The Labour Court's jurisdiction is limited to matters assigned to it by statute, and the relief sought by the applicant does not fall within its jurisdiction. Accordingly, the…

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• Jurisdiction Of Labour Court
• Contract Of Employment
• Financial Sector Regulation Act
• Red Listing
• Point In Limine

Becker and Others v Financial Services Conduct Authority and Others (23807/2020)

Becker and Others v Financial Services Conduct Authority and Others (23807/2020) [2022] ZAGPPHC 22 (1 February 2022)

Court

North Gauteng High Court, Pretoria

Case number

23807/2020

Judge

Ncongwane

The High Court dismissed a constitutional challenge to FSR Act sections 154, 167 and 231, finding the applicants had not shown infringement of sections 22, 33 or 34.

• Financial Sector Regulation Act
• Bill Of Rights Limitation
• Promotion Of Administrative Justice Act
• Debarment Orders
• Administrative Penalties
• Access To Court

Mwale v Financial Services Tribunal and Another (92967/2019)

Mwale v Financial Services Tribunal and Another (92967/2019) [2021] ZAGPPHC 297 (24 May 2021)

Court

North Gauteng High Court, Pretoria

Case number

92967/2019

Judge

Yvan Coertzen

The court found that the Tribunal correctly interpreted the extended definition of 'the business of a bank' under the Banks Act, which applies to the business practice of the TVI scheme and not solely to the applicant's own business. The evidence showed that the applicant regularly obtained money from members of the public as part of the TVI scheme, with substantial deposits and multiple profiles linked to TVI activities. The Tribunal's decision was neither unreasonable nor irrational, as there were sufficient facts to justify its conclusion. The applicant's allegations of bias were unsupport…

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• Financial Sector Regulation Act
• Banks Act
• Judicial Review
• Pyramid Scheme Regulation
• Internal Remedy Exhaustion

Mamepe Capital (Pty) Ltd and Another v Financial Services Tribunal and Another (93773/2019)

Mamepe Capital (Pty) Ltd and Another v Financial Services Tribunal and Another (93773/2019) [2021] ZAGPPHC 148 (29 January 2021)

Court

North Gauteng High Court, Pretoria

Case number

93773/2019

Judge

Swanepoel

Review dismissed: the court held that the FSCA could order repayment of R10 million to remedy the effects of a financial-sector contravention.

• Financial Sector Regulation Act
• Promotion Of Administrative Justice Act
• Remedial Directives
• Misleading Statements
• Repayment Order
• Judicial Review