Changes to aspects of FAIS Ombud’s approach to handling complaints

The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.

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It was quite interesting to see a South African regulator take on an international giant like Whatsapp, setting out its terms for implementation of what appeared to be a very highhanded approach to […]

Elon Musk sets fire to the bitcoin and cryptocurrency debate

Tesla CEO Elon Musk, who has been a big supporter of cryptocurrencies, implied in a Twitter exchange on Sunday afternoon that the electric vehicle maker sold or may sell the rest of its […]

Banking Ombud 2020 Annual Report sees notable increase in complaints

“The year in review was an unprecedented and difficult one for the banking industry as well as its customers. Surprisingly, the Office did not receive many complaints relating to the financial crisis. In […]

Banking Ombud 2020 Annual Report sees notable increase in complaints

Impact of emigration law changes on retirement funding provision

Regulations regarding taking retirement funds out of the country when you emigrate changed from 1 March 2021. These changes affect people who have certain types of retirement funding, such as retirement annuities and […]

SCA ruling might prompt insurers to amend their policies

“A recent decision of the Supreme Court of Appeal, handed down on 13 April 2021, will have a material impact on South Africa’s insurers, requiring them to review their policies,” according to George […]

Update on endorsement of rule amendments of retirement funds

In a recent communication, the Financial Sector Conduct Authority (FSCA) informed the retirement fund industry that it is in the process of finalising the endorsement of (urgent) amendments to rules of funds received […]

SA’s new debit order system from 1 May

The South African Reserve Bank (SARB) will introduce the Authenticated Collections (AC)/DebiCheck project from 1 May 2021 as part of its modernisation of the national payment system (NPS). According to SARB, this project […]

SA’s new debit order system from 1 May

Advertising regulations much stricter

“One of SA’s big five banks has been censured for practising “deception” in advertising for its rewards programme,” according to an article in the Sunday Times. The bank’s scheme offered “up to R5 […]

Regulating cryptocurrencies is a necessary next step

Four months after he disappeared, the estate of missing Mirror Trading International (MTI) CEO Johann Steynberg has been provisionally sequestrated. MTI was placed in provisional liquidation in December last year when investors tried […]

Regulating cryptocurrencies is a necessary next step

Healthcare Broker Accreditation – CMS provides clarity about qualification requirements

The Financial Sector Conduct Authority (Authority) has recently received numerous queries and complaints from compliance officers, FSPs and medical scheme brokers indicating that the Council for Medical Schemes (CMS) refused to renew the […]

Cyber Risk – New normal increases vulnerability

A recent study indicates that South Africa has emerged as one of the countries that would embrace fully remote work, with 44 percent saying they want to work fully remotely compared to a […]

Covid-related insurance claims – The worst is yet to come

“If you can’t explain it simply, you don’t understand it well enough” – a quote by Albert Einstein that came to mind when I read the latest Short-term Ombudsman’s Briefcase. Policy wording and its interpretation at […]

Authorities note huge increase in illegal investment schemes

In the last few months there has been an increase in public cautions released by the Financial Sector Conduct Authority (FSCA) with regards to dealing with various investment schemes. “The increasing numbers and […]