Secondary

fraud

Regulatory Examination Certificate Fraud

FAIS Newsletter 20 contains a warning for those who think that falsifying a RE certificate is the easy route into the industry or complying with fit and proper requirements: The FSB encountered numerous cases of regulatory examination certificate fraud over the last five years. Regulatory action was taken against each of these individuals and they […]

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appeal-board

Case Studies from the Short-term Ombud

Ombuds often provide practical insight into how our industry should operate. Material Misrepresentation or Simple Oversight? Mr. D contacted the insurer to insure a newly purchased vehicle. During the underwriting of the policy, Mr. D informed the operator that he had purchased the vehicle for his daughter, Ms. L, who was only in possession of […]

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Wealth Management

Wealth Management Training – NQF 4 & 5 qualifications

Align your training and development needs with the Regulator’s drive towards professionalization by making use of the services listed below. Just click on the title for more information. HIGHER CERTIFICATE IN WEALTH MANAGEMENT (NQF 5) This qualification provides learners with a wide range of specialised and technical skills, as well as a broad based knowledge of […]

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Transfer

Bulk transfers by FSPs and Insurers

This is the title of an article in the FSB’s FAIS Newsletter 20, which also addresses the shortcomings mentioned at the conclusion of the article above. In instances where the transfer of clients resulted in a change of insurer, it meant that there was a replacement of a financial product. The provision of section 8(1)(d) of […]

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Allister_Coetzee

Allister Coetzee and the ex-pats

My mind goes back to January 2012, when Heyneke Meyer was appointed Springbok coach. For many, his appointment was seen as vindication of a process which saw him purportedly robbed of the position in 2008. Expectations ran high after his predecessor was, possibly unjustifiably, berated more for slips of the tongue than the actual performance […]

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appeal-board

FAIS Ombud Dismisses Complaint

No need to check the calendar – it’s not 1 April. On 25 October 2012, the complainant entered into a contract of insurance for comprehensive cover in respect of a vehicle. The insurer was Compass Insurance (Pty) Ltd (Compass), MUA Insurance Acceptances were the underwriting managers and KPC the brokers. Before applying for cover, the complainant […]

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warning

FSB Public Warnings

The Regulator recently issued three warnings to the public via media releases: Eastern Cape Tracing Agents “A certain Mr Matshaya is operating as a tracing agent in the Mdantsane area in the Eastern Cape. He claims to be an agent for beneficiaries of unclaimed benefits.” “While a person who believes that he or she is […]

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finance

Calculating Investor Relief

We are seeing a substantial increase in the number of Sharemax related determinations from the FAIS Ombud. Most of these relate to complaints lodged in 2010 in the wake of the collapse of what some twisted minds would term the “Cruella the Villa” collapse. The latest one concerns a widow who invested the proceeds of […]

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