Why policyholders complained to the short-term ombudsman in 2023

‘Lack of maintenance or wear and tear’ gave rise to most of the disputes in several categories of insurance.

Future Income Loss to FSB

We received a fair amount of all kinds of calculations, based on the FSB statistics. One that differed from the rest considered the financial impact on the FSB’s income, should the pass rate […]

Transgressions Never Retire

A retired financial advisor received quite a shock when he was ordered to refund a client to the tune of R460 000, as well as interest at 15.5% dating back from 2005. We […]

The FAIS Ombud and Jaws

The worldwide outcry when a surfer in Australia or South Africa is attacked by a shark, never ceases to amaze and amuse me – the outcry, please note, not the attack. Whether this […]

How many actuaries a product doth make?

Last week, Gareth Stokes of FAnews ran an interesting article on product development. The article, entitled Distribution* is make or break for life insurers, addressed the issue of product development. A few quotes […]

As-And-When Commission as the cure for miss-selling

The FSB invited input from 5 representative bodies on a proposed discussion document on “intermediary services and related remuneration.” In today’s article, we focus on one aspect: the considerations concerning risk business, including […]

What should the priority be: the sickness, or the symptom?

The Financial Services Board is currently looking at the second level of priorities in terms of the provision of financial advice and intermediary services to consumers of financial products. It called for “…contributions […]

Exams around the corner

Compliance report workshop for category I FSPs without a compliance officer. Compliance Reports for these FSPs cover the period 1 January 2011 until 31 December 2011 and need to be submitted ELECTRONICALLY to […]