Author Archive | Mark Bechard


Most South Africans satisfied with the advice they received from IFAs

The majority of South Africans who used the services of an independent financial adviser (IFA) have told a survey that they were either “satisfied” or “very satisfied” with the advice they received. This was one of the findings of the FSCA-commissioned 2020 Baseline Survey on Financial Literacy in South Africa. The 235-page report was published […]

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Tribunal sets aside debarment of bank employee accused of sharing confidential information

The Financial Services Tribunal (FST) has set aside the debarment of a bank employee, saying the possibility or suspicion of the transgression was not a sufficient reason for him to be debarred. The tribunal provided the following context to the matter: First National Bank conducts investigations into instances of employees who provide account information to […]

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Tribunal advises FAIS Ombud on how to reconsider Sharemax determination

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 legal tests for negligence and causation to the matter. Read: FAIS Ombud did not act impartially in Sharemax matter, says tribunal Read: […]

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Why do more South Africans feel better about their financial prospects?

According to a graph in this year’s Old Mutual Savings & Investment Monitor (OMSIM), 72% of respondents expect their financial prospects to improve over the next six months, whereas only 5% believe they will get worse. Old Mutual commented: “These results speak to the resilience of South Africans with a pervading optimism that things will […]

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Why FSCA’s liquidation exemption stands despite conflicting with Board Notice

The Financial Services Tribunal (FST) has dismissed an application by an umbrella fund member who was aggrieved by the FSCA’s decision to exempt the fund from the full liquidation requirements in the Pension Funds Act (PFA). The tribunal’s decision addressed the legal position of administrative decisions that are made irregularly. It was trite law that […]

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FAIS Ombud did not act impartially in Sharemax matter, says tribunal

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, but she also championed the client’s cause instead of being an impartial adjudicator. As in a previous decision concerning Sharemax, the tribunal […]

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