The Viceroy Research Company says it stands by its report on Capitec Bank’s alleged reckless lending.

Viceroy’s partner Fraser Perring told SABC News that the company will appeal the Financial Sector Conduct Authority’s (FCSA) fine and will approach the courts.

The FCSA has fined Viceroy Research an administrative fine of R50-million. This is in connection with the group alleging in a report entitled; A Wolf in Sheep’s Clothing, that local bank Capitec, lent money to financially delinquent customers, whose ability to pay back it was in doubt.

Viceroy claimed that Capitec was a reckless lender and that it had overstated its loan book, among other allegations. At the time of the allegations in 2018, the bank’s share was sold off somewhat but soon recovered.

Perring says the FSCA’s findings are biased.

The FSCA says it takes a dim view of Viceroy’s conduct and approach, adding that as the authority that keeps an eye on the banks’ conduct, it always does its best to ensure that the financial sector adheres to the laws of the land.”