Standard Bank debars 'remorseful' financial adviser after admitting to taking money
A Financial Services Tribunal has upheld the debarment of Standard Bank adviser after he admitted taking money and failed to show that the decision was unlawful or procedurally unfair.
A financial adviser who admitted to embezzling money from Standard Bank Financial Consultancy has lost his appeal against being barred from the industry. The Financial Services Tribunal ruled that the bank was legally entitled to debar T Masiyakoana as he no longer met the industry's standards for fit and proper conduct. Masiyakoana joined the bank in September 2022 and was subsequently barred after it concluded his actions violated the Financial Advisory and Intermediary Services (FAIS) Act.
The tribunal dismissed his request for reconsideration, stating that the company had followed proper procedures and that his remorse and willingness to repay the money taken were insufficient to overturn the decision.
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