The Financial Sector Tribunal found Nigel Green did not contravene the Financial Institutions (Protection of Funds) Act while he was director of deVere SA (2008 to 2015). Moneyweb FSCA
The Financial Sector Tribunal last week set aside a 2021 decision by the Financial Sector Conduct Authority to debar and impose a financial penalty of R2.5 million on Nigel Green, CEO of financial services group deVere. In 2019, the FSCA accused Green and deVere of contravening the Financial Institutions Act. Green was accused of failure to exercise proper care as a director of deVere SA, and on this basis the FSCA proposed his debarment as a director.
The case eventually ended up at the FSCA for investigation and the imposition of an administrative penalty of R250 million, later reduced to R2.5 million. Green and deVere asked the tribunal to reconsider the penalties imposed on them by the FSCA. The ruling last week applies to Green in his individual capacity. The reconsideration of the deVere case has yet to be decided by the tribunal.
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