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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FSP top ups maturity value after Ombud finds investor was not properly advised
The complainant was aggrieved because he received R470 000 from the R700 000 put into an investment plan with income.
Key aspects of Treasury’s proposals to reform SA’s financial ombud system
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
Existing financial ombud system is ‘too complex’ for consumers to navigate
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
Ombuds will handle cases involving disputes of fact or law and award compensation
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
Policyholder waiting for funeral policy payout after three years
The FAIS Ombud issues a determination after the FSP fails to follow through on its undertaking to settle the claim.
Proposed amendment Bill aims to end funeral cover over-insurance
A review of the entire structure of the funeral class would be a better way to prevent over-selling, says Moonstone Compliance’s Paull Lawrence.
New implementation date for National Financial Ombud
The Ombud Council also provides an update on the status of the new FAIS Ombud rules.
Insurance brokers ordered to pay R300 000 after failing to disclose crucial policy requirement
Insurance brokers are much more than ‘a mere conduit or post-box’, as per the General Code of Conduct, their duties and responsibilities extend far beyond that, the FAIS Ombud says.
FAIS Ombud highlights FSPs’ obligations when a policy is replaced
The complaint arose because the policyholders were under the impression the new policy had retroactive cover.
Consumers must be aware of the high risks of online trading, says FAIS Ombud
The Ombud was unable to help a complainant who lost most of the R725 000 he invested over several months.
