X hits on this document





155 / 156

Unit Standard No.12164Page 155


The following extracts from the FAIS Act, include some of the sections which deal with the role, duties and powers of the courts, relating to judgments against organisations and redress available to them:


Other enforcement measures

Civil remedies

33. (1) The registrar may, when satisfied on the basis of available facts and information that a person has contravened or not complied with any provision of this

Act, or is likely so to contravene or not to comply, apply to a Court for an order restraining such person from continuing to commit any such act or omission or from

committing it in future, and requiring the person to take such remedial steps as the Court deems necessary to rectify the consequences of the act or omission, including

consequences which prejudiced or may prejudice any client.

(2) The registrar may institute action in a Court against any person who has contravened or not complied with any provision of this Act, for payment of -

(a) an amount determined by the Court as compensation for losses suffered by any other person in consequence of such contravention or non-compliance;

(b) a penalty for punitive purposes in a sum determined in the discretion of the Court but not exceeding three times the amount of any profit or gain which may have accrued to the person involved as a direct result of any such act or omission;

(c) interest; and

(d) costs of suit on such scale as may be determined by the Court.

(3) Any amount recovered by the registrar in terms of subsection (2) must be deposited by the registrar directly into a specially designated trust account established by the registrar with an appropriate financial institution, and thereupon -

(a) the registrar is, as a first charge against the trust account, entitled to reimbursement of all expenses reasonably incurred in bringing proceedings under subsection (2) and in administering the distributions made to persons in terms of subsection (5);

(b) the balance, if any (hereinafter referred to as the "distributable balance" ) must be distributed by the registrar to the persons referred to in subsection (5), any funds remaining, accruing to the registrar in the registrar's official capacity.

(4) Any amount not claimed within three years from the date of the first distribution of payments, accrues to the registrar in the registrar's official capacity.

(5) The distributable balance must be distributed on a pro rata basis to all persons who are affected by the occurrences referred to in subsection (2), and who prove to the reasonable satisfaction of the registrar that they are persons contemplated in that

subsection: Provided that no money may be distributed to a person who has contravened or failed to comply with any provision of this Act .

INSMAT final materials31/10/03

Document info
Document views725
Page views733
Page last viewedTue Jan 24 22:15:10 UTC 2017