By: Issued by Meropa Communications on behalf of GIFS

The High Court Gauteng local division has ruled in the matter between the INSETA and GIFS Africa that the application by the INSETA to be given leave to appeal is dismissed with costs. They further declared that the order granted on 4 January is interim in nature and falls within the ambit of section 18(2) of the Superior Courts Act.

In the ongoing battle between the INSETA and GIFS Africa the latter obtained an urgent interdict against INSETA on 4 January 2024. They argued that INSETA’s withdrawal of GIFS’ accreditation in 2023 was based on a GIFS fraud investigation report it compiled just over 2-years-ago, now under review in the courts. GIFS maintained that the report contained trumped-up allegations, overt bias, irregularities and multiple procedural flaws. The court ordered the INSETA to reinstate GIFS’ full accreditation within 24-hours and to immediately withdraw all unlawful notifications the INSETA had distributed to industry and to inform all stakeholders of the re-instatement. Unfortunately, the INSETA has ignored the court order which prompted GIFS Africa to return to court.

INSETA argued that they needed leave to appeal and that the interim order made on 4 January is appealable if it is in the interests of justice. The court concluded that the order is not suspended pending appeal and re-enforced its decision.

GIFS CEO, Kershen Pillay, says the court’s finding is not just a victory for GIFS, but the entire financial services sector. The impact of the INSETA’s conduct extends well beyond the effects on one educational institution and its learners. We, at GIFS, are committed to playing our role in ensuring that ethical standards are respected and upheld in the financial services industry and that members of the public are protected.

Wayne Duvenhage from OUTA says: "We at OUTA welcome this ruling by Judge Yacoob of the Gauteng High Court, to uphold the interdict brought by the Graduate Institute for Financial Sciences (GIFS) against INSETA, for the latter’s actions taken to de-accredit GIFS from the list of training providers. OUTA urges the INSETA board to not only follow the instructions of the court with speed, but to also embrace the courageous actions taken by GIFS management to raise the matters it did. We believe the INSETA management need to be taken to task by the Board, for castigating those companies and individuals who have raised concerns of maladministration within the SETA, and to hold all those implicated in this matter to account.”