Viceroy hit with R50m fine over ‘misleading’ Capitec report
FSCA’s decision opens the way for penalties to be imposed on other analysts who make false recommendations
The Financial Sector Conduct Authority (FSCA) has imposed a R50m administrative penalty on Viceroy Research and its partners for making false, misleading and deceptive statements about Capitec.
The fine was imposed in response to a report by Viceroy, titled “Capitec — A wolf in sheep’s clothing”, published on January 30 2018. The financial penalty is imposed on Viceroy and its partners Aiden Lau, Fraser John Perring and Gabriel Bernarde. The penalty is jointly and severally payable by the respondents within 30 days from the date of the order, which was communicated to Viceroy on August 30...