South Africa Financial Services Tribunal restores Brite Advisors SA licence

South Africa's Financial Services Tribunal has restored the operating licence of Brite Advisors SA and cut an administrative penalty levied against the Cape Town-headquartered investment manager from R10m to R3.5m, a report by News 24 said on 26 September.  Last year, the FCSA fined Brite Advisors SA R10m and pulled its financial services provider (FSP) license for soliciting South Africans to invest in offshore pension funds without approval.  The investments were promoted between 2010 and 2015 by deVere Investments SA, which later changed its name to deVere SA Acuma. Brite Adviso...