Constitutional Court dismisses Sharemax adviser’s appeal
The High Court was asked to rule on whether the clients’ financial loss was caused by breach of agreement or the Reserve Bank’s intervention.
The High Court was asked to rule on whether the clients’ financial loss was caused by breach of agreement or the Reserve Bank’s intervention.
The problems with resolving these complaints also highlight the need to integrate the advice- and the product-related ombud schemes.
Adjudication of the complaints requires hearings, which are more conducive to a court of law, the Ombud says.
Tribunal repeats its previous ‘recommendation’ that the FAIS Ombud obtain oral and expert evidence to resolve the disputes of fact.
Referring clients to another broker does not constitute advice for the purposes of the FAIS Act.
The FAIS Ombud, Advocate Nonku Tshombe, says it is impossible to blame the collapse of the Sharemax property syndications on the intervention of the South African Reserve Bank (Sarb) unless “pertinent questions” about […]
Nova Propgrow Group Holdings Limited says the compliance notice issued by the Companies and Intellectual Property Commission (CIPC) prohibiting Nova from disposing of its immovable properties is flawed, and its legal team is […]
Another property syndication determination has been sent back to the FAIS Ombud, with the Financial Services Tribunal (FST) stating that the ombud had, among other things, not dealt fairly with the evidence of […]
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 […]
In 2020, Magnus Heystek wrote an article titled A truly horrific chart with nowhere for the JSE to hide, in which he compared the returns of various investment options over the previous 10 […]
The Financial Services Tribunal (FST) has sharply rebuked the FAIS Ombud for the way in which she arrived at a Sharemax determination, saying the ombud not only failed to interrogate the FSP’s version, […]
“When I read about the evils of drinking, I gave up reading.” – Henny Youngman This reflects how I feel lately when scanning a variety of publications every day to stay abreast of […]
How does one justify placing an 80-year-old Alzheimer sufferer’s funds in a syndication scheme that is being investigated by the South African Reserve Bank? A recent determination by the FAIS Ombud revealed details […]