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New ombud system proposed
The ceremony at which Jack Nicholson received his Oscar for “As good as it gets” was the same one where “Titanic” dominated all the categories. Nicolson, with that wicked smile of his, opened […]
The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.
Read moreThe ceremony at which Jack Nicholson received his Oscar for “As good as it gets” was the same one where “Titanic” dominated all the categories. Nicolson, with that wicked smile of his, opened […]
The SAIA published a list of standardised terminology on the SAIA website. The terms were identified by the SAIA Treating Customers Fairly workgroup on Standardised Terminology. The aim of the list is to […]
FAIS Notice 119, published on 13 September 2017, contains details of changes to the minimum prescribed intervals of visits and reports by compliance officers as contained in Section 4(4) of the Notice on Compliance Officers. […]
The Protection of Personal Information Act adds yet another obligation on businesses in the financial services sector. Draft regulations, published on 8 September 2017, set out what will be required. Section 4 outlines the duties […]
In June we reported on three new cases to be heard by the FSB Appeal Board. One of these concerned a complaint that was dismissed by the Ombud but the client, an advocate, […]
In these times of rapidly diminishing action against wrongdoers, it is refreshing to read the Tax Ombud’s findings after an investigation into “…alleged delayed payment of refunds as a systemic and emerging issue.” […]
CIS Information Circular 30, published on 12 July 2017, contains guidelines from the Registrar regarding the publishing and disclosure of CIS portfolio performance. The Registrar has noted that some managers of Collective Schemes Investments are […]
In a recent decision concerning a Sharemax investment, the FSB Appeal Board said that section 20(3) of the FAIS Act requires the FAIS Ombud to consider complaints in a procedurally fair, informal, economical […]
On 2 August 2017, the National Credit Regulator (NCR) issued a media statement to announce its intention to conduct a compliance monitoring exercise on vehicle licence and registration fees payable by consumers under […]
This is the title of an article, published on 13 July 2017, on research conducted in the UK by the International Longevity Centre. The research finds that clients who received financial advice from 2001 to […]
Recent research conducted by Econex, a leading firm in competition economics, paints a different picture to that portrayed in the NHI White Paper on healthcare in South Africa. In a research note published […]
Following numerous enquiries for clarity on the implications of the recent Constitutional Court judgment regarding the correct accounting treatment of medical schemes members’ personal savings accounts (MSA), the Council for Medical Schemes (CMS) […]
We recently received a very informative article from Webber Wentzel on what can be quite a taxing question, if you’ll pardon the pun. Employees are entitled to certain payments upon termination of their […]
In the recent “Prigge” decision, the FSB Appeal Board commented on the FAIS Ombud’s powers and duties in a fairly forthright manner. The information below is taken directly from the Appeal Board decision. […]
A summary of this paper first appeared in the June edition of Moneymarketing. Whilst I am sceptical of the local application of surveys and studies done in other countries, I think that this […]
The recent Molate determination, in which Discovery Life was held liable for losses incurred after the death of a life assured, again raises the issue of objectivity with the benefit of hindsight. Background […]