“The Office of the FAIS Ombud is committed to resolving complaints in a procedurally fair, informal, economical and expeditious manner, with reference to what is equitable in all circumstances. In this vain, the […]
“Banks should obtain permission from consumers before transferring funds from consumers’ accounts to pay amounts due under credit agreements”, Nomsa Motshegare, Chief Executive Officer of the National Credit Regulator (NCR) commented after a […]
Since representatives were given the right to appeal to the Financial Services Tribunal against debarment decisions, many such actions have been set aside by the Tribunal. In most of these cases the prescribed […]
On 1 April 2018, the debarment process under the FAIS Act was amended by the FSR Act 9 of 2017. In terms of section 14(3) of the FAIS Act, a FSP must, before […]
The Momentum/Ganas case, which caused a public outcry in November last year, was one of the matters discussed in the Long Term Ombud’s Annual report. According to Ron McLaren, Long Term Ombud, there […]
“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 […]
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 […]
In the past editions, we have published many articles on the outcome of various FAIS Ombud as well as Financial Services Tribunal decisions, highlighting legislation and regulatory requirements as well as many guidelines […]
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 […]
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 […]
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 […]
The Council for Medical Schemes has recently released the proposed amendments to Regulation 31 and 32 of the Medical Schemes Act. Regulation 31 deals with the amounts payable to register a medical scheme, […]
On 1 April 2018, the debarment process under the FAIS Act was amended by FSR Act 9 of 2017. Besides stipulating that an FSP must, before debarring a person, take specific steps, the […]
In 2017 the FAIS Ombud made a recommendation that a respondent pays R400 000 to a complainant. This outcome was the result of the breach of the General Code of Conduct, specifically in violation […]
We recently reported on the Ombudsman for Banking Services’ (OBS) review of the first quarter of 2019 which reported on an alarming increase in credit card fraud. Read: Credit card fraud – Elderly […]
When can an employer claim against an employee’s retirement fund? How is the deduction determined, and is it legal? Can a pay-out be delayed as a result of money owed to the employer? […]
Media update’s Aisling McCarthy recently took readers through a list of 15 terms that you’ll need to know in order to fully understand the POPI Act. The Protection of Personal Information Act or […]
