A former Capitec Bank consultant lost his bid to overturn his debarment after finding that he misrepresented debit orders.
The Financial Services Tribunal has dismissed an application by a former Capitec Bank consultant seeking to overturn his debarment after finding that he participated in a scheme that misrepresented debit-order switches and undermined the bank’s performance-monitoring processes.
The tribunal found that Vusumuzi Mtshali no longer met the honesty and integrity requirements expected of a financial services representative.
The case arose from conduct at Capitec’s Orange Farm Palm Springs Mall branch, where Mtshali worked as a service consultant.
Capitec’s investigation uncovered 162 incidents involving 329 debit-order switches over a six-month period.
