Case studies of settlements facilitated by the FAIS Ombud
In two cases, the representatives did not advise the clients adequately of terms that were material to the products’ benefits.
In two cases, the representatives did not advise the clients adequately of terms that were material to the products’ benefits.
The FST questions why he would take a call on his private cellphone from a friend of a friend and access confidential information without authority.
The employer did not point to a single provision in the FAIS Act, or any other legislation, that prohibits this.
She alleged the evidence of her conduct was obtained through an ‘unlawful search’ of her personal email account.
The declaration of crypto assets as a financial product does not affect financial services rendered in relation to crypto asset derivatives.
Two complaints where the FAIS Ombud held that the FSPs had not drawn the clients’ attention to the material terms.
Final version of guidance notice on intermediary remuneration published.
Tribunal repeats its previous ‘recommendation’ that the FAIS Ombud obtain oral and expert evidence to resolve the disputes of fact.
These include delays with funeral policy claims, advice to clients who buy living annuities, and insurance policy disclosures.
The FSCA last week published two notices relating to the guarantee, professional indemnity (PI) and fidelity insurance (FI) exemptions granted to certain types of FSPs. The FSCA has once again extended, to 31 […]
The Financial Services Tribunal (FST) has sent yet another determination related to an investment in Sharemax back to the FAIS Ombud for reconsideration, with the tribunal saying the ombud needed to apply the […]
The FSCA has issued a draft guidance notice aimed at clarifying when intermediaries can be remunerated after a pension interest has been transferred between retirement annuity (RA) funds. The draft guidance notice has […]
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. […]
The FSCA has appointed a statutory manager for N-e-FG Administrators (Pty) Ltd, saying it is concerned about N-e-FG’s failure to manage the funds it administers responsibly. It is also investigating N-e-FG’s conduct relating […]
The FSCA announced this week that it has imposed a fine of R200 000 on Poneso Employee Benefits and Actuarial Consultants (Pty) Ltd and Poneso Consulting (Pty) Ltd for contravening a provision of the […]
The FSCA has imposed penalties of R110 000 on both Viva Cover (Pty) Ltd and Comit Technologies (Pty) Ltd for contravening various provisions of the General Code of Conduct from November 2013 to […]
The Financial Services Tribunal (FST) has upheld a reconsideration application by an FSP whose clients invested in a Sharemax-managed property syndication scheme, saying his provision of inappropriate advice did not necessarily mean he […]