The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.
Read more
The Short-term Ombud warned policyholders against taking premium holidays when there is too much month at the end of the money. During tough economic times, cash-strapped consumers are forced to prioritise their monthly […]
My colleague Paull Lawrence recently sent me an interesting article on the subject: Property owners are often taken aback when, after defaulting on the loan repayment, they receive a summons from an entity […]
On 12 May 2015, the Registrar decided to debar the appellant, Mr Francois Pens Ellis, for a period of two years in terms of section 14A (1) (a) of the FAIS Act. The […]
The Board was recently tasked with reviewing a decision by the Registrar to debar Ms LA Teixeira for 5 years and to withdraw the authorisation of her business. The grounds for the Registrar’s […]
“My business partner managed to get hold of my Facebook password without my knowledge. I’m unhappy with the running of the business and have been talking to clients on Facebook about moving to […]
Most financial advisers do not have a wealth of sympathy with clients who allow greed to cloud their judgment when a scheme which sounds “too good to be true” becomes available. In the […]
“I’m buying my first property. I’m quite nervous about everything and a friend of mine who is a conveyancer said she would help me with the transaction. However the seller is refusing and […]
The Wallace determination by the Ombud, discussed in last week’s Moonstone Monitor, contained reference to the FNB/Newlove case which was referred to the FSB Appeal Board, which ruled in favour of the Ombud’s […]
The Minister of Social Development, Ms Bathabile Dlamini (pictured above), issued a media release on Friday, 6 May, to explain the background to amendments to the Social Assistance Act, 2004, published on the same […]
Ombuds often provide practical insight into how our industry should operate. Material Misrepresentation or Simple Oversight? Mr. D contacted the insurer to insure a newly purchased vehicle. During the underwriting of the policy, […]
We reported on the 18th of April of two new draft Board Notices which aim to clarify the regulatory exam requirements for compliance officers and COs under supervision. A compliance officer must successfully […]
Board Notice 92 of 2014 was promulgated in August 2014. It prescribed disclosure requirements, and came into effect on 1 May 2015. The Registrar adopted a phase-in approach in order to allow Managers time to gain […]
The Council for Medical Schemes (CMS) carried out an analysis on the utilisation data of health services during the calendar years 2013 and 2014, based on the data provided by medical schemes through […]
There is more to conveying changes in material terms to clients than simply dropping them a note to that effect. The Khoza determination by the FAIS Ombud provides guidelines in this regard. The […]
Justus van Pletzen, CEO at the Financial Intermediaries Association of Southern Africa (FIA), provided a much needed perspective on the issue of the impact of broker commission on the cost of private healthcare. […]
The recent Cornelissen determination by the FAIS Ombud provided insight into a number of very interesting aspects not previously covered in her determinations. The eventual finding is also something new for us. Overcharging […]
