Maynard v Carrick Wealth: section 14 debarment duties
MS Inc. acted for Carrick Wealth (Pty) Ltd.
The Western Cape High Court dismissed an appeal seeking to halt Carrick Wealth’s FAIS debarment process. The court considered the statutory duty to initiate that process.
Held
The Full Bench dismissed the appeal with costs. It held that a financial services provider’s section 14 debarment duties cannot be displaced by a private agreement.
MS Inc. represented Carrick Wealth in the appeal. The dispute followed Carrick’s initiation of debarment proceedings against a former financial adviser under section 14 of the Financial Advisory and Intermediary Services Act.
The High Court upheld the dismissal of the adviser’s application to halt the process. In its LinkedIn account, the firm noted the court’s emphasis on the public protection purpose of the statutory debarment regime and its rejection of the allegation that Carrick acted with an ulterior motive.
The attached judgment is the authoritative record of the court’s reasons and order. See Gavin Stansfield’s LinkedIn post.
This summary is general commentary on a decision of public record. It does not constitute legal advice, no attorney-client relationship arises from it, and nothing in it should be read as an indication of the outcome of any other matter. Please contact us if you require advice on a particular matter.
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Full Bench judgment (28 pages)
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