FSB slaps “My Lawyer” with R200K fine
This is in contravention of section 7(1) (a) of the Short-term Insurance Act, No 53 of 1998 ("the STI Act").
The FSB said as mitigating circumstances, the Registrar considered that My Lawyer has accepted responsibility for the contravention and My Lawyer's conduct and contravention of the Act was never deliberate or intentional and done bona fide based on research, consultations with industry experts and legal opinion. Also, My Lawyer has put measures in place to rectify the contravention in that it is in the process of securing an underwriter for its insurance business.
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