Archive | Compliance and Legislation


Long Term Ombud Annual Report – Cases resolved in favour of complainants increased

“We received 11 768 written requests for assistance, including 5 978 chargeable complaints. In total, 3 367 cases were finalised, of which 31.5% were resolved wholly or partially in favour of complainants”, Judge Ron McLaren, Ombudsman for Long Term Insurance shares in the just-released 2018 Annual Report. He highlighted the following:  91% of complaints were […]

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COFI Bill – Aims to strengthen regulation customer treatment and general market conduct

The Conduct of Financial Institutions Bill (COFI) intends to regulate how the financial services industry treats its customers. The Bill was published by the Minister of Finance in December 2018 and was open for public comment until 1 April 2019. COFI Bill and the reform process The COFI Bill is part of the Twin Peaks reform process underway […]

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New Financial Sector Ombud provisions postponed – Commencement date of Chapter 14 changed to 1 September 2019

LegalBrief Today reported as follows on the postponement of the establishment of an Ombud council and recognising industry Ombud schemes contained in the FSR Act: “The commencement date of Chapter 14 of the 2017 Financial Sector Regulation Act (sections 175 to 217, establishing an Ombud council and recognising industry Ombud schemes) has been postponed from 1 April […]

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FSCA denied application for exemption – Was it justified?

In a recent Financial Tribunal case, the applicant, a sole proprietor and key individual of a brokerage, lodged an appeal for reconsideration of an FSCA decision in October 2018 to decline his application for exemption from certain Fit and Proper requirements. These requirements related specifically to the regulatory exams and qualification obligations. As the applicant […]

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