Adjudicator did not allow retirement fund to respond fully to a complaint
SCA also finds that the High Court should not have granted punitive cost orders against the fund.
Author: Mark Bechard
Constitutional Court dismisses Sharemax adviser’s appeal
The High Court was asked to rule on whether the clients’ financial loss was caused by breach of agreement or the Reserve Bank’s intervention.
Tribunal rules on Brite’s application to reconsider R10m fine and licence withdrawal
Did the FSCA’s regulatory reach extended to UK pension funds and structures, held offshore, and permitted and regulated by UK and European Union law?
Ombud Council wants to avoid another property syndication complaints scenario
The problems with resolving these complaints also highlight the need to integrate the advice- and the product-related ombud schemes.
Constitutional Court overturns ‘deeply disturbing’ retirement fund rule judgment
The decision clarifies the application of an amended rule to the calculation of a withdrawal benefit that accrued before the amendment was approved and registered.
‘Unacceptable’ delay in prosecuting hedge fund manager, judge says
Evercrest Capital collapsed 16 years ago after it incurred a huge loss trying to short Sanlam’s shares.
Significant Santam legal victory in dispute over vehicle storage costs
The insurer was entitled to provide security for the disputed balance of the storage costs to have the motor vehicle released and stop incurring further charges.
Tribunal rejects debarred FNB representative’s ‘prevailing practice’ defence
No evidence that staff were instructed to verify prospective clients’ addresses using blank letters provided by the municipality, FST finds.
Why the FAIS Ombud is closing its files on property syndication complaints
Adjudication of the complaints requires hearings, which are more conducive to a court of law, the Ombud says.
Sars publishes final provisions for diesel refund for food manufacturers
The most notable are changes to the definition of ‘foodstuffs’, as well as the requirements for applying for registration and claiming refunds.
Confidence in the economy at an 8-year low, Old Mutual research finds
Latest Savings & Investment Monitor contains insights into South Africans’ appetite for investment risk and investing offshore.
Bonitas gains members and bucks buying-down trend in 2022
With reserves reaching R8.8 billion, can members expect that very low contribution increases will automatically follow?
Employer liable for fund member’s reduced withdrawal benefit, says tribunal
FST does not accept submission that the impact of Covid on the markets absolved the employer of liability for the loss.
FST upholds debarment of rep who committed fraud to buy food for her child
The former bank manager’s actions were driven by desperation, but the FAIS Act is not forgiving, the tribunal says.
GEPF and other public sector funds ‘will be part of the two-pot system’
How accessibility and seeding will impact members of defined-benefit retirement funds.
Two pots: fund members must understand the implications of withdrawals
Money in the savings pot should be withdrawn only as a last resort, for absolute financial emergencies.
Preservation should be the top priority in the messaging about two pots
Administrators are concerned there is not enough time for financial advisers and members to understand the implications of the changes.
