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ombudsman

Pick the right Ombud

This case reminds me of a Dennis the Menace cartoon where he walks up to his dad and says: “Pick a card – any card.” Dad picks a card and Dennis says: “No, not that card.” It is amazing how two Ombuds can have such divergent views on the same matter. We have often in […]

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moonstone-explanatory-summary

The Value of Financial Advice

This is the title of an article, published on 13 July 2017, on research conducted in the UK by the International Longevity Centre. The research finds that clients who received financial advice from 2001 to 2007 were significantly better off than those who did not. Below is the summary on the ILC website. There is also a […]

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Big-data

Getting More from Data

The use of data, and protection of confidential client information, will play an extremely important role in the future of financial advisers in South Africa. Whilst it makes good sense to invest in technology in order to comply, one should consider actually finding a solution that will, at the same time, enable one to use […]

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Employees

Employer Duties under POPIA – Part 1

By Claire Gaul / Joani van Vuuren of Webber Wentzel Much has been written about the statutory obligations that are to be imposed on financial service providers in respect of their clients in terms of the Protection of Personal Information Act, 4 of 2013 (“POPIA“). What may be less familiar are the obligations POPI will […]

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ombud1

Have Ye no Shame?

The audacity of criminals appear to increase in leaps and bounds, as witnessed by a case study published in the Short-term Ombud’s latest annual report. The complainant approached the office of the Ombudsman for assistance following the rejection of a claim submitted to the insurer for the theft of a motor vehicle on 6 July 2016. The […]

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fees

Causal event charges and TCF

If the Pension Fund Adjudicator had her way, causal event charges would be levied very differently, if at all. In a case reported on in FANews on 3 August 2017, the product provider, in response to a complaint, submitted that it subscribed to the principles of Treating Customers Fairly (TCF) and that the complainant was appropriately informed […]

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car_dealership

NCR Alert for Vehicle Financiers and Dealers

On 2 August 2017, the National Credit Regulator (NCR) issued a media statement to announce its intention to conduct a compliance monitoring exercise on vehicle licence and registration fees payable by consumers under credit agreements. The purpose of the exercise is to determine whether credit providers do not charge consumers more than the actual licence […]

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reminder

FSB Levy Reminder

By now you should have received a letter from the FSB advising details of the annual FSB and FAIS Ombud levies payable by the end of October. If you did not, it could mean that your contact details at the Regulator are incorrect. The 2017 levy invoices will be mailed by 30 September 2017 and are payable […]

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