Fund members must understand the implications of annuity choices, says FAIS Ombud
The restrictions on accessing funds within a life annuity should be made clear.
FAIS Ombud
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In two cases, the representatives did not advise the clients adequately of terms that were material to the products’ benefits.
BHI Trust: the walls start tumbling down
The FSCA says its investigation into BHI Trust will include regulated entities that may have promoted the collective investment scheme’s products.
Former Edwafin CEO gets 10-year prison sentence for running a Ponzi scheme
Patrick Stapleton – former CEO of the notorious Edwafin investment company – was recently convicted and sentenced for running a Ponzi scheme, the workings of which seem oddly familiar.
Ombud Council publishes new FAIS Ombud Rules for comment
The Rules increase the limit on the compensation the Ombud can award complainants and provide for changes to the Office’s jurisdiction and procedures.
FAIS Ombud budgets for more levy income despite 0% increase
The Office can no longer look to the FSCA to make up for any shortfalls in income.
Fraudulent funeral policies: 5 tips to stay clear of scams
The FAIS Ombud alerts consumers to the strategies fraudsters are using to trick consumers into signing up for policies.
Constitutional Court dismisses Sharemax adviser’s appeal
The High Court was asked to rule on whether the clients’ financial loss was caused by breach of agreement or the Reserve Bank’s intervention.
Ombud Council wants to avoid another property syndication complaints scenario
The problems with resolving these complaints also highlight the need to integrate the advice- and the product-related ombud schemes.
Ombud considers what adequate disclosure is in terms of the General Code
Two complaints where the FAIS Ombud held that the FSPs had not drawn the clients’ attention to the material terms.
Adviser rights are as important as those of consumers
Prejudicial treatment of advisers does not add to improving the image of the industry.
Limits to FAIS Ombud’s jurisdiction over crypto complaints
A complaint must be about crypto advice and services rendered from 19 October 2022.
FAIS Ombud told to reconsider complaint against Old Mutual for rejecting liability claim
Tribunal was ‘not afforded the courtesy’ of an explanation for the ombud’s failure to respond to questions from the deputy chairperson.
Conclusions depend on the facts of each case, says FST as it sets aside determination for the third time
Tribunal repeats its previous ‘recommendation’ that the FAIS Ombud obtain oral and expert evidence to resolve the disputes of fact.
Ombud’s facts and findings don’t add up, says tribunal in setting aside property syndication determination
Referring clients to another broker does not constitute advice for the purposes of the FAIS Act.
FAIS Ombud’s report identifies FSP ‘problem areas’
These include delays with funeral policy claims, advice to clients who buy living annuities, and insurance policy disclosures.
FAIS Ombud’s office releases its 2021/22 report
Eight interesting things, including an update on long-standing property syndication complaints.
