The South Africa Financial Sector Conduct Authority has imposed an administrative penalty of ZAR 12.6 million on The Relocations Group (Pty) Ltd and Mr Kyle Bary Tiltman, jointly and severally, and has debarred Mr Tiltman for 15 years following findings that marine insurance policies were offered without the required authorisation. An investigation triggered by client complaints found that South African Relocations (Pty) Ltd and its successor in title, The Relocations Group, operated as unlicensed insurers and unlawfully issued insurance policies to members of the public, contravening section 7(1) of the Short-term Insurance Act, section 5(1) of the Insurance Act and section 139 of the Financial Sector Regulation Act. The FSCA also found that Mr Tiltman interfered with the investigation by refusing to cooperate, breaching section 139(1), (2) and (4) of the Financial Sector Regulation Act. Under the debarment, Mr Tiltman is prohibited for 15 years from providing or being involved in FSCA-regulated financial products or services, acting as a key person in any financial institution, and rendering any services to financial institutions, including through outsourcing arrangements.
South Africa Financial Sector Conduct Authority 2025-12-09
South Africa Financial Sector Conduct Authority debars Kyle Bary Tiltman for 15 years and imposes a ZAR 12.6 million penalty on The Relocations Group for unlicensed marine insurance
The South Africa Financial Sector Conduct Authority has imposed a ZAR 12.6 million penalty on The Relocations Group (Pty) Ltd and Mr Kyle Bary Tiltman, debarred for 15 years for offering marine insurance without authorisation. The investigation revealed unlicensed operations and Mr Tiltman's non-cooperation, violating multiple sections of the Short-term Insurance Act, Insurance Act, and Financial Sector Regulation Act. Mr Tiltman is barred from involvement in FSCA-regulated financial products or services and from key roles within financial institutions.