A recent Financial Services Tribunal case to reconsider the ruling of the Ombud for Financial Services Providers, once again highlighted important provisions of the Code of Conduct for Financial Services Providers. The Tribunal specifically investigated whether the Ombud had made a mistake to conclude that the applicant failed to take reasonable steps to ensure that […]
Mercedes-Benz’s first battery powered electric vehicle (EV) will go on sale in South Africa in 2020. This will be the fourth EV to launch in South Africa. Although South Africa has a few hurdles to cross before we can fully adopt the future of driving, research and many media reports have revealed that the global […]
As part of an assessment of the commitment to conduct standards in the sector, DB & Associates, a management consulting firm operating in South Africa and Australia, held over 100 meetings with the executive leadership of the top 25 firms in South Africa’s financial sector over the past 18 months. This coincided with a Royal Commission of Inquiry […]
“You must, at all times, take reasonable steps to safeguard the mobile device from loss, damage or theft” – policy wording that a client challenged when her cell phone claim was rejected by her insurer. The insurer’s assessment of the claim Ms K submitted a claim to her insurer following the theft of her insured […]
Financial advisors are required to clear many hurdles when it comes to regulatory compliance. Those who choose to ignore the rules can find themselves at the wrong end of justice. In the financial services industry it’s definitely not about “rules are there to be broken”. This was clearly borne out by the considerable number of […]
The findings of a hearing by the FSCA Tribunal in the Van Zyl case heard on 25 June 2019 should result in serious introspection by the office of the FAIS Ombud. Whilst not directly addressing some of the grounds for appeal aired by counsel for the appellant, the findings appear to indicate that, in certain […]
Last week, President Cyril Ramaphosa signed the controversial National Credit Amendment Bill into law. In short, the legislation will provide debt relief for consumers who earn R7 500 per month or less and have unsecured debt amounting to R50 000 by suspending the debt in part or in full. The Bill has specifically been criticised by the […]
Section 13A of the Pension Funds Act (PFA) requires that employers pay contributions for a particular month within seven days after month-end. It also stipulates that they provide member schedules in respect of contribution payments to the fund and that compound interest is paid on late contributions. This was one of the legal aspects that […]
On Thursday, Health Minister Zweli Mkhize released the much-awaited National Health Insurance (NHI) bill in Pretoria. He said that it is expected to be fully functional in South Africa by 2026. The Health Department said the bill promised to create a healthier population with benefits to foreign nationals, inmates and refugees. In his speech he […]
Background of the Tribunal The Financial Sector Regulation Act 9 of 2017 establishes the independent Financial Services Tribunal in terms of section 219 thereof. The Tribunal replaced the FSB Appeal Board and came into effect on 1 April 2018. Upon application by aggrieved persons, the Tribunal reconsiders decisions of decision-makers as defined in terms of section 218 of […]
