Key Points
- Kokoana activated multiple policies using clients’ data without their knowledge or consent
- Tribunal affirms that integrity violations warrant decisive regulatory action
- Debarment remains in effect for at least 12 months, pending proof of rehabilitation
Nthabiseng Joyce Kokoana, a former financial advisor at Liberty Group Limited, has been debarred after unlawfully initiating insurance policies using client information obtained from a third party.
The clients had neither been consulted nor given consent. Her actions, compounded by inadequate verification through superficial phone calls, were deemed by the Financial Services Tribunal to be a serious breach of professional integrity.
Liberty initiated the debarment process on 18 December 2024, under the Financial Advisory and Intermediary Services Act. Kokoana admitted to not meeting the clients and failing to validate their details meaningfully.
Presided over by Judge C Pretorius, with Judge P Maseko and Judge PR Long, the tribunal found her procedural objections unfounded and ruled that written explanations were sufficient under the Act, no hearing was required.
Minimum 12-month debarment imposed
Kokoana’s request to have her debarment period clarified was denied, as regulations do not mandate a fixed term. She remains debarred for a minimum of 12 months. During this time, she cannot be appointed by any financial institution unless she proves that she has rehabilitated and recommitted to the ethical duties of her profession.
#Conviction
Get your news on the go. Click here to follow the Conviction WhatsApp channel
