Fern Finance (Pty) Ltd and Another v Financial Services Tribunal and Others (13261/2021)
Fern Finance (Pty) Ltd and Another v Financial Services Tribunal and Others (13261/2021) [2022] ZAGPPHC 746 (13 October 2022)
The court found that Fern Finance was engaged in issuing guarantee policies as defined under the Short Term Insurance Act and was required to be registered accordingly, regardless of its registration under the National Credit Act. The Tribunal's decision to impose penalties, including licence withdrawal, debarment, and a R3.5 million fine, was rational, reasonable, and lawful. The Tribunal considered all relevant statutory factors, did not act capriciously, and focused appropriately on deterrence. The applicants' arguments regarding procedural unfairness and the calculation of penalties were…
Source excerpt
- Short Term Insurance Act
- National Credit Act
- Administrative Penalty
- Declaratory Relief
- Licence Withdrawal
- Financial Services Regulation