After it was fined and had its licence axed, Brite Advisors SA complained that its personal and business practices had changed since it was known as deVere SA Acuma. It argued that the people implicated in wrongdoing between 2010 and 2015 had left the company. The financial penalty and the withdrawal of its PSF Licence were then suspended, pending the outcome of a reconsideration application.
"This was mainly because the management team of the entity had been completely replaced and the FSCA is not aware of any transgression of a financial sector law since new management were appointed," it said in a statement. The tribunal, however, dismissed a bid by Brite to have all of the FSCA's findings against it set aside.
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