The Tribunal of South Africa's Financial Sector Conduct Authority (FSCA) has overruled officials at the watchdog in a case against the CEO and founder of deVere Group after the regulator imposed a debarment order and penalty order on him.

The Financial Services Tribunal made the order in a decision published yesterday (4 January) in which it said: "The application for reconsideration is upheld and the Authority's decision to impose a financial penalty on and debar the applicant, Mr Green, is set aside.

"It is declared that the applicant, Mr Green, did not contravene sec 2 of the Financial Institutions (Protection of Funds) Act, No. 28 of 2001, during the period he had been a director of deVere SA."

In a statement today (5 January) by deVere Group, the global adviser firm said that following an inspection, with which Green had fully co-operated at all times, in 2018 the South African regulator alleged contraventions of specific financial services laws, by deVere South Africa.

It also alleged that Green, in his personal capacity and acting as a non-executive director of deVere between 2008 and 2015, had contravened the South African Collective Investment Scheme Control Act, 2002 and had failed to meet the duties imposed on him as a director.

Green had consistently refuted the allegations made against him, the de Vere Group statement said. 

Speaking after the case was dismissed at the Tribunal in Pretoria, Green said: "All accusations and charges that were made against me in South Africa by the regulator have been dropped. The file is now closed.

"Whilst we were surprised by the FSCA's initial decision, we are not surprised by the Tribunal's ruling.

"It's clear that the case was overturned on the basis of both factual inaccuracies in the FSCA's case against me and an incorrect application of laws.

"As per the Tribunal's final ruling, it was found that I did not contravene the law and, therefore, that regulator was wrong to consider any action against me."

He continued: "In addition, the FSCA was criticised by the Judge at the Tribunal for changing the alleged offences of which I was accused on several occasions - even up to two weeks before the case was heard - and for failing to understand its own laws.

"By doing this, the regulator was shown to be on a mission to discredit me, come what may."

Green further said: "The Tribunal has come to the only sensible decision. In this case, the South African financial regulator appears to have lost the objectivity and impartiality expected of a public body discharging a public function."

To read the full statement published by the tribunal, click here.