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 […]
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 expert witnesses who testified in favour of the FSP. Read: Tribunal advises FAIS Ombud on how to reconsider Sharemax determination Read: FAIS […]
Personal income tax (PIT), value-added tax (VAT) and corporate income tax (CIT) would have to increase by just under 5% to raise R50 billion, or by slightly more than 9% to raise R100bn, if all three taxes were harnessed to fund a basic income grant (BIG), according to a study by research and consultancy house […]
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 […]
The Financial Services Tribunal (FST) has set aside a determination by the Pension Funds Adjudicator after finding that her office did not serve the complaint on all the affected parties, thereby denying them their rights in terms of the audi alteram partem rule (both sides of the case must be heard). The FST also drew […]
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: […]
The High Court in Pretoria has rejected a purchaser’s defence that the lockdown made it impossible for him to adhere to his vehicle finance agreement, finding that his inability to pay was due to a downturn in the economy and not three months of hard lockdown. In arriving at her decision, Judge Nicolene Janse van […]
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 […]
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 […]
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 […]
