Satrix wins 10 listed tracker awards, but not for performance
Most of the SALTAs for performance went to 1nvest, First National Bank, and Union Bank of Switzerland.
First National Bank
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Two defective intention notices scupper representative’s debarment
FNB argued the Tribunal should accord greater weight to the severity of the rep’s misconduct than to ‘procedural mis-steps’.
Tribunal: a CCMA case has nothing to do with debarment
The FST emphasises that labour-related and FAIS-related matters are distinct.
Tribunal rejects debarred FNB representative’s ‘prevailing practice’ defence
No evidence that staff were instructed to verify prospective clients’ addresses using blank letters provided by the municipality, FST finds.
Keeping it real-time: adoption rate of digital payment service PayShap ticks up
PayShap adoption takes another leap forward as Discovery joins banks offering the real-time digital payment service to their clients.
Is a long delay between the notice of intention to debar and the debarment procedurally unfair?
FNB debars consultant who issued unauthorised letters stating a company was good for up to R900 million in credit.
The two banks with the biggest increase in complaints in 2022
Complaints about current accounts and digital banking were the two largest categories of cases opened with the ombudsman.
Settlement agreement with representative sinks FNB debarment
That the parties entered the agreement after the notice of intention to debar had been sent was highly relevant.
Thursday briefing: a round-up of recent financial services news
FNB to expand adviser network | Extending mortgages to fund solar unwise | Bank staff sentenced for fraud | ANC-EFF coalition ‘worries investors’
Another big win for Satrix at awards for index-tracking funds
Its exchange-traded products won four Saltas for investment performance, as well as the People’s Choice Award.
This is SA’s cheapest bank if you transact completely online, according to Solidarity’s survey
The report also compares the cost of banking at Absa, Capitec, First National Bank, Nedbank, and Standard Bank.
Tribunal sets aside debarment of bank employee accused of sharing confidential information
The Financial Services Tribunal (FST) has set aside the debarment of a bank employee, saying the possibility or suspicion of the transgression was not a sufficient reason for him to be debarred. The […]
FSPs can’t simply debar representatives for any act of internal misconduct
The Financial Services Tribunal (FST) has drawn on the principles governing the fit and proper requirements for legal practitioners in setting aside the debarment of a bank’s representative on the grounds of dishonesty. […]
FNB the only major bank to buck trend of higher complaints
First National Bank (FNB) was the only bank among the country’s “big five” banks that recorded a decrease in the number of cases opened against it by the Ombudsman for Banking Services (OBS) […]
