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- The Financial Services Tribunal has cleared the new owners and management of Brite Advisors South Africa (Pty) Ltd (“Brite Advisors South Africa”) (formerly deVere Acuma (Pty) Ltd of wrongdoing under the prior ownership of deVere Acuma.
- The Tribunal emphasised in its decision that “the contraventions that have been the subject of the administrative action do not reflect on the company as presently owned and constituted, or on its present personnel and business practices.
- Brite Group has noted the Tribunal’s decision to substantially reduce the administrative penalty rather than setting it aside in its entirety.
