Key aspects of Treasury’s proposals to reform SA’s financial ombud system
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
Author: Mark Bechard
Existing financial ombud system is ‘too complex’ for consumers to navigate
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
Two-pot legislation speed bump – the Amendment Bill must be amended to include public sector funds
The Pension Bill will prohibit members from making a withdrawal from the savings component if the withdrawal results in insufficient funds remaining to settle a court order.
FIC urges delinquent estate agents, lawyers to comply to help SA exit the grey list
Non-submission of the RCR required by Directive 6 will prevent the Financial Intelligence Centre from demonstrating compliance with the FATF’s action plan.
Insurer correctly repudiated claim for allegedly written-off car – High Court
The policyholder did not disclose two previous ‘minor’ incidents involving a different vehicle and a different insurer.
Policyholder waiting for funeral policy payout after three years
The FAIS Ombud issues a determination after the FSP fails to follow through on its undertaking to settle the claim.
Directory of the FIC’s compliance communications issued in 2023
The directory contains a brief description of each document, a link to the document and, where available, links to other communication related to it.
KI’s enquiries could have prevented losses suffered by Stringfellow clients, says FST
‘A key individual is not only responsible to oversee the categories of financial services for which he is licensed, but he bears an oversight role in relation to the FSP generally.’
‘Courts should not simply rubberstamp punitive costs orders against defaulting consumers’
Judge says the courts have a duty to assess whether contracts do not offend against constitutional principles, as well as the NCA and the CPA.
Accountancy body places executives on precautionary suspension pending a forensic investigation
A group of SAIPA members is calling for the matter to be discussed at a special general meeting.
Two pots: proposed implementation date is neither 1 March 2024 nor 1 March 2025
The Minister of Finance responds to the Standing Committee on Finance’s call for the implementation date to be moved to 1 March next year.
Urgent need to close regulatory gaps in over-the-counter markets, says FSCA
National Treasury will introduce the COFI Bill ‘very soon’ and amend the Financial Markets Act to tighten regulation of the country’s financial markets.
Two pots: MPs envisage staggered implementation
The finance committee’s decision seems, in part, to be based on the assumption that some fund administrators will be ready to ‘go live’ on 1 March next year.
LIVE UPDATE | MPs insist two-pot system be implemented on 1 March 2024
The National Assembly’s Standing Committee on Finance met on Tuesday morning to deliberate clause-by-clause on the two-pot legislation.
Supreme Court upholds King Price’s appeal against motor vehicle claim
The SCA finds the policyholder failed to produce evidence to support his pleaded claim for damages based on the vehicle’s market value.
Discovery Connect acts against sales agents who manipulated clients’ policies
The Financial Services Tribunal hears the reconsideration applications brought by three of the 15 implicated agents.
Must a retirement fund impose a timeline on an employer to institute civil proceedings?
More than a year passed between the employer indicating that it reserved its right to withhold a former employee’s withdrawal benefit and instituting civil proceedings against him.
