Unnoticed changes to documents crucial to BI dispute between mall owners and insurers
The contract went through 10 iterations between July 2019 and March 2020, with the term ‘infectious and contagious diseases’ variously in or out.
Author: Mark Bechard
High Court orders insurer to reconsider unfair debarment carried out in 2016
The applicant only became aware in May last year that the decision to debar her constituted administrative action.
Arrear contributions: publishing employers’ names ‘is having an impact’
Deputy commissioner sets out the FSCA’s priorities for the supervision and regulation of the retirement industry.
Unclaimed assets: FSCA will prioritise monitoring conflicts of interest
A new approach may be required to how financial institutions are remunerated for services rendered in respect of unclaimed assets, the Authority says.
Costs order against FSCA for ‘irregular and unlawful’ debarment
The Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.
NHI will ‘definitely’ be funded once the Bill becomes law – Godongwana
National Treasury will work with the Department of Health on the funding scenarios outlined in the 2017 White Paper.
Treasury addresses industry’s main concerns about Pension Funds Amendment Bill
An application clause will provide for the Pension Funds Act to prevail over the Divorce Act where the Acts’ provisions conflict.
Restraints of trade: important principles for FSPs and advisers
The Labour Court upholds AdviceWorx’s application to enforce its restraint agreements against advisers who joined Wealth Associates.
Industry red-flags contradictions between Divorce Act and pension law amendments
The Association for Savings and Investment SA and the Institute of Retirement Funds Africa also call for amendments not related to the two-pot system to be held over.
Board of Healthcare Funders takes Council for Medical Schemes to task in lawyer’s letter
The BHF raises 10 issues, including the ‘misuse’ of curatorships, whether NHI is informing policy prematurely, and the absence of low-cost benefit options.
Two pots: administrators encouraged to submit draft rule amendments
The FSCA expects to receive a large number of amendments, so it would like to have prior sight of the proposed amendments beforehand.
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.
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.
