FAIS Ombud rep levy pushes up an FSP’s total levy bill
As we reported last week, National Treasury has revised some of the levies that FSPs will have to pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill. […]
Author: Mark Bechard
Tribunal doesn’t accept debarred rep’s attempt to walk back admission
The Financial Services Tribunal (FST) as upheld the FSCA’s decision to debar a life insurance representative who admitted that she submitted unauthorised policy applications but subsequently sought to qualify her admission. What is […]
10 take-aways from the long-term insurance ombudsman’s annual report
The Ombudsman for Long-term Insurance (Olti) released its annual report for 2021 last week. Here are 10 key take-aways from the report: 1. R200m recovered for complainants The Olti recovered R200 689 324 […]
Ambiguous wording results in dispute over funeral claims
Poorly worded policies don’t only result in disputes over multi-million-rand commercial claims. The Ombudsman for Long-term Insurance (Olti) last year dealt with a number of complaints about rejected or limited funeral benefit claims […]
Security guard who lost the use of his right arm doesn’t qualify for disability benefits
The Financial Services Tribunal (FST) has upheld a determination by the Pension Funds Adjudicator that a security guard who lost the use of his right arm following a shooting did not qualify for […]
Business interruption-related complaints account for nearly half of Osti settlements
Only 259 of the new complaints registered by the Ombudsman for Short-term Insurance (Osti) last year were related to Covid-19. But settlements in Covid-related business interruption (BI) complaints accounted for 49.5% of the […]
Osti flags increase in disputes due to ‘reasonable precaution’ clause
The Ombudsman for Short-term Insurance (Osti) has once again flagged the increase in the number of complaints from consumers whose claims are rejected because insurers allege the driver failed to exercise reasonable precaution […]
R8bn in retained earnings wiped out in days
The 10 days of unrest in KwaZulu-Natal and parts of Gauteng in July last year wiped out the South African Special Risk Insurance Association’s cumulative retained earnings of more than R8 billion, incoming […]
Treasury proposes reducing FSP levies
National Treasury has proposed lowering some of the levies that FSPs will pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill, to reduce the impact on small […]
Court ruling has major implications for divorcing couples married out of community of property
The Pretoria High Court has asked the Constitutional Court to confirm an order that will have significant implications for how assets are redistributed when couples who are married out of community get divorced. […]
FNB the only major bank to buck trend of higher complaints
First National Bank (FNB) was the only bank among the country’s “big five” banks that recorded a decrease in the number of cases opened against it by the Ombudsman for Banking Services (OBS) […]
BHF seeks Competition Act exemption to publish reference price list
The Board of Healthcare Funders (BHF), a representative association for medical schemes, has applied for an exemption from provisions of the Competition Act so that it can publish a scale of benefits after […]
MPs ask Treasury for report on impact of new financial sector levies
Parliament’s Standing Committee on Finance has tasked National Treasury with producing a report on how the Financial Sector and Deposit Insurance Levies Bill will impact consumers and small entities. Read: FSPs face paying […]
Need CPD hours fast? We have solutions
The current CPD cycle ends on Tuesday, 31 May, and time is of the essence if you haven’t completed your CPD activities. Moonstone Business School of Excellence (MBSE) offers access to more than […]
Arresting the delisting trend is a top priority, says JSE
The JSE is considering a range of measures to address the trend of delistings from the market, including simplifying the financial disclosure requirements. At the exchange’s 2022 annual general meeting last week, Chris […]
Court upholds decision to cancel medical scheme membership based on non-disclosure
A decision by Profmed to terminate a membership retrospectively, on the grounds of material non-disclosure, went through all the Council for Medical Schemes’ appeal mechanisms and ended up in the Western Cape High […]
Adviser not liable for Sharemax investors’ loss, says tribunal
The Financial Services Tribunal (FST) has upheld a reconsideration application by an FSP whose clients invested in a Sharemax-managed property syndication scheme, saying his provision of inappropriate advice did not necessarily mean he […]
