FAIS Ombud Settlement – Always obtain and capture all the client information One of the settlements discussed in the latest FAIS Ombud Annual report also puts the emphasis on the disclosure of client […]
FAIS Ombud Settlement – Always take clients’ needs and circumstances into account Furnishing financial advice means adhering to a set of legislative requirements as well as keeping to certain principles. One of the […]
Learn from compliance mistakes made by FSPs An FSP’s interaction with clients must at all times meet the standards set out in the General Code of Conduct. The FAIS Ombud’s Annual report highlighted […]
The FSB Appeal Board recently published its decision at a hearing held on 27 February 2018. The appeal was dismissed, but not before the Board expressed some very concerning comments on the office of the […]
The old saying that the wheels of justice grind slowly is certainly true when it comes to property syndication complaints addressed to the FAIS Ombud. With the demise of Sharemax in 2010, disgruntled […]
How do the numbers contained in the Ombud’s latest report reflect on its mandate? Complaints received for the period 1 April 2016 to 31 March 2017 came to 10 846, compared to 9 891 for the previous year. • […]
Whilst determinations by the Ombud receive wide exposure in the media, settlements are only published in her annual report. This year, there were 1005 settlements and 68 determinations. The settlement amounts in case […]
The 2016-2017 Annual report notes the following trends in complaints received from the public. The number of complaints that relate to short-term insurance policies far exceed those from any other product category of […]
Two issues in the recent Phoshera appeal again saw the Appeal Board ask questions about the FAIS Ombud’s decisions. “This appeal is filled with procedural anomalies. First, there is the question of condonation […]
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 […]
In a recent Appeal Board case, the FSP appealed against the FSB’s decision to debar her for five years. One of the grounds she raised was that her secretary failed to inform her […]
In May 2016 we published an article titled Ombud holds insurer liable for Sharemax loss. Briefly: A Momentum representative (Marais) introduced the client to a broker (Storm) who had a Sharemax contract. The […]
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 […]
According to an article published in Personal Finance on Saturday, the FAIS Ombud intends appealing against certain findings by the FSB Appeal Board. “Late last year, the Appeal Board of the financial services […]
The FSB’s Appeal Board came to an interesting decision in the last case published in 2016. This was an appeal against two previous decisions against a FSP by the FAIS Ombud in a […]
In December, the FAIS Ombud released no less than eight determinations. In a strange turn of events, one case was actually referred to the courts as the Ombud was unable to determine whether […]
Die FAIS Ombud het onlangs bevind dat ‘n makelaar aanspreeklik gehou moet vir die verlies van ‘n kliënt wat betref die verskil tussen die versekerde bedrag en die uitstaande skuld aan die bank. […]
