South Africa’s Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty of ZAR 1,126,982 on Kings International Removers (Pty) Ltd and Mr Rolf Michael Lamers, and debarred Lamers for eight years. The action follows an FSCA investigation into a client complaint which found they rendered financial services without authorisation as a financial services provider and issued short-term non-life insurance policies without being licensed as an insurer. The FSCA identified breaches of the Financial Advisory and Intermediary Services Act 37 of 2002, the Short-term Insurance Act 53 of 1998 and the Insurance Act 18 of 2017. Lamers is prohibited from providing, or being involved in the provision of, financial services, acting as a key person of a financial institution, and providing specified financial services to a financial institution under outsourcing arrangements or otherwise; the FSCA also reminded the public to verify authorisation status, licence category and the financial services provider number via its official records.
South Africa Financial Sector Conduct Authority 2025-02-06
South Africa Financial Sector Conduct Authority imposes ZAR 1,126,982 penalty on Kings International Removers and Rolf Michael Lamers and debars Lamers for eight years over unauthorised financial services and unlicensed non-life insurance
The South Africa Financial Sector Conduct Authority (FSCA) fined Kings International Removers (Pty) Ltd and Mr. Rolf Michael Lamers ZAR 1,126,982 and debarred Lamers for eight years for unauthorized financial services activities. The FSCA investigation revealed breaches of the Financial Advisory and Intermediary Services Act, the Short-term Insurance Act, and the Insurance Act. Lamers is prohibited from providing financial services or acting as a key person in a financial institution.