Brite Advisors South Africa (Pty) Ltd
FSCA update on Brite Advisors South Africa (Pty) Ltd
South Africa Financial Sector Conduct Authority, 26-Sep-2023
South Africa Financial Sector Conduct Authority, 26-Sep-2023
Nigel James Green v South Africa Financial Sector Conduct Authority
South Africa Financial Services Tribunal, 4-Jan-2023
Mr Green's application for reconsideration is upheld, and the FSCA's decision to fine him R2.5m and debar him for 5 years is set aside. It turns out that the FSCA had levelled the wrong claim against him, a breach of section 2(a) rather than section 2(b) of the Financial Institutions (Protection of Funds) Act. So 2(b) or not 2(b), that was the question. Secondly, although he was a director and ultimate sole owner of the company, he wasn't involved in handling client funds. The debarment question is remitted back to the FSCA.
South Africa Financial Services Tribunal, 4-Jan-2023
Mr Green's application for reconsideration is upheld, and the FSCA's decision to fine him R2.5m and debar him for 5 years is set aside. It turns out that the FSCA had levelled the wrong claim against him, a breach of section 2(a) rather than section 2(b) of the Financial Institutions (Protection of Funds) Act. So 2(b) or not 2(b), that was the question. Secondly, although he was a director and ultimate sole owner of the company, he wasn't involved in handling client funds. The debarment question is remitted back to the FSCA.
South Africa FSCA fines Brite Advisors South Africa R10m and Nigel James Green R2.5m, withdraws firm licence, bans him for 5 years
South Africa Financial Sector Conduct Authority, 30-May-2022
The firm was formerly known as deVere Investments South Africa. Mr Green was a director of the firm from 2008 to 2015.
South Africa Financial Sector Conduct Authority, 30-May-2022
The firm was formerly known as deVere Investments South Africa. Mr Green was a director of the firm from 2008 to 2015.
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