Prudential Authority of South Africa v Financial Services Tribunal and Others (2023/058536)
Prudential Authority of South Africa v Financial Services Tribunal and Others (2023/058536) [2025] ZAGPPHC 16; 2025 (3) SA 597 (GP) (15 January 2025)
The Court found that the Prudential Authority has locus standi to bring a review application under the FSR-Act, as the statute expressly includes the decision-maker as a party entitled to review. The respondents did not contravene section 14 of the Insurance Act, as the Act does not require prior approval for appointments, and retrospective approval regularises the appointments. The Financial Services Tribunal acted within its powers to substitute the administrative penalty for contravention of section 16(1), as the PA failed to specify the calculation of penalties and the Tribunal considered…
Source excerpt
- Judicial Review Of Tribunal Decision
- Administrative Penalties
- Insurance Regulation
- Locus Standi
- Transitional Provisions
- Statutory Interpretation