Penalties loom for non-compliance with OPFA information requests
OPFA 2022-2023 Annual Report annual report highlights key determinations in pension administration law.
Treating Customers Fairly
Why policyholders complained to the short-term ombudsman in 2023
‘Lack of maintenance or wear and tear’ gave rise to most of the disputes in several categories of insurance.
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Adjudicator questions compulsory membership of private security sector fund
The Pension Funds Adjudicator also says the conduct of retirement fund administrators during a transfer of administration should be regulated.
‘When free money is in the air, truth evaporates’
A decision by a pension fund was referred to the Pension Funds Adjudicator’s office, and subsequently to the Financial Services Tribunal by the disgruntled siblings of the deceased. Background After the death of […]
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) […]
Life insurers with the most and least satisfied customers
Absa Life has the most satisfied clients among the country’s major life insurers, according to Consulta’s latest South African Customer Satisfaction Index for Life Insurance. The index is based on a survey of […]
Causal event expenses and charges explained
We operate in an era where honest and clear disclosure is a prerequisite for providing advice that enables a client to make an informed decision. Coupled to this is the need to explain […]
FAIS Ombud warns FSPs about four areas of non-compliance
The FAIS Ombud has warned that complaints about the rejection of homeowner’s insurance claims will be referred to the FSCA for investigation if she believes the disclosure at inception is wanting. This was […]
FSCA monitoring Twitter to measure banks’ TCF compliance
The FSCA is using social media to supervise whether financial products and services promote fair customer outcomes, and it will be looking into the banks’ low response rate to “priority tweets” as revealed […]
FSCA monitoring Twitter to measure banks’ TCF compliance
The FSCA is using social media to supervise whether financial products and services promote fair customer outcomes, and it will be looking into the banks’ low response rate to “priority tweets” as revealed […]
FSB Clarifies Outcomes-Based TCF
Ms Leanne Jackson, Head of Treating Customers Fairly at the Financial Services Board recently responded to a Moonstone article published on the Insurance Gateway website: An article headlined “Not quite Treating Customers Fairly?” […]
Introducing Ethics into your Practice
Managing your practice in terms of the FAIS Act and the General Code of Conduct may be time-consuming, but at least there is a set of rules to guide you. The advent of […]
Treating Customers Fairly and Complaints Management
Sometimes, something that appears insignificant can have rather important ramifications. The Regulator recently requested all registered short-term insurers who are members of the Short-term Ombudsman (OSTI) to provide full details of personal lines […]
Treating Customers Fairly in 2014 and Beyond
We predicted earlier that 2014 would be a bit of a water-treading year in so far as new regulations and changes relating to financial advice and intermediary services are concerned. This was based […]
What TCF is NOT
When does Treating Customers Fairly (TCF) become a reality? In the original planning, January 2014 was indicated as the planned date for implementing legislative changes envisaged in the regulatory framework. If this is […]
