South Africa's Financial Sector Conduct Authority (FSCA) has revoked the administrative penalty imposed on My Wealth Dias (Pty) Ltd and the 20-year debarment of Charl Francois Coetzee. The original decisions followed findings that My Wealth Dias contravened section 11(1) of the Banks Act and that Coetzee assisted or conspired in the contravention. The penalty was revoked because the memorandum of understanding with the Prudential Authority delegated investigative powers over section 11 contraventions to the FSCA, but not the power to impose an administrative penalty. The debarment was revoked separately so the FSCA can consider further information that Coetzee submitted in his application for reconsideration before the Financial Services Tribunal. The revocations do not negate the investigation's findings, and the investigation will not be repeated. The Banks Act findings will be referred to the Prudential Authority, while the FSCA will determine whether to take further enforcement action against Coetzee after reviewing the additional information.
2026-09-04South Africa Financial Sector Conduct Authority
South Africa's Financial Sector Conduct Authority revokes penalty against My Wealth Dias and 20-year debarment of Charl Francois Coetzee
South Africa's Financial Sector Conduct Authority has revoked the administrative penalty against My Wealth Dias and Charl Francois Coetzee's 20-year debarment. The penalty findings will be referred to the Prudential Authority because the FSCA lacked delegated penalty powers, while Coetzee's case will be reconsidered using further information submitted to the Financial Services Tribunal.