Disqualification Orders

The Registrar may disqualify and require a financial institution to remove from office a person holding the position of executive officer or manager of a prudentially regulated financial institution, if the Registrar determines that the office holder is unsuitable to discharge the duties and responsibilities of his office on the basis of competence, business record or character. Where prescribed by law, the Registrar may also remove a director or shareholder of a prudentially regulated financial institution for ceasing to be “fit and proper” in terms of relevant Registrar’s directives.