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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.
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
Read moreThe complainant was aggrieved because he received R470 000 from the R700 000 put into an investment plan with income.
The Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.
The FAIS Ombud issues a determination after the FSP fails to follow through on its undertaking to settle the claim.
‘A key individual is not only responsible to oversee the categories of financial services for which he is licensed, but he bears an oversight role in relation to the FSP generally.’
The complaint arose because the policyholders were under the impression the new policy had retroactive cover.