Coetzee v Financial Planning Institute of South Africa and Others

Ms Elizabeth Coetzee, a certified financial planner and member of the Financial Planning Institute of South Africa (FPI), advised an elderly widow, Ms Margaret Wagener, regarding the reinvestment of approximately R30 million from a trust share portfolio. Ms Wagener complained that although Ms Coetzee advised that the funds would be reinvested into less risky assets, specifically property-related investments, a substantial portion was reinvested into equity-based Stanlib funds that did not materially reduce exposure to the share market. Ms Coetzee earned substantial commission from this transaction. Disciplinary proceedings were instituted by FPI, resulting initially in a severe sanction, later reduced on internal appeal. Ms Coetzee challenged the disciplinary findings on review and subsequently on appeal, contending that the charge against her lacked sufficient particularity, thereby denying her a fair hearing.

The appeal was dismissed with costs.

The case clarifies the standard of procedural fairness applicable to professional disciplinary proceedings in South African law, confirming that while strict criminal formalities are unnecessary, sufficient factual particularity is required where serious sanctions may follow.