The short-term insurance industry, through the South African Insurance Association (SAIA), has established a limited voluntary fund (SAIA Fund) to try and alleviate the prejudice suffered by those policyholders with motor accident claims […]
The Registrar of Pension Funds published, for comment, a draft Directive to determine conditions in respect of inducements and acceptance of gratification to ensure compliance with and to prevent contraventions of the objectives […]
Rosemary Lightbody, Senior Policy Advisor at the Association for Savings and Investment South Africa (ASISA), recently provided insight into ASISA’s views on a number of important aspects concerning Twin Peaks. In an article […]
The October edition of the OSTI Briefcase contains some interesting insights on two complaints, in particular. Promissary warranty The issue for determination in this matter was whether the insurer was entitled to reject […]
Mark MacSymon, a wealth manager at Private Client Holdings, was named the 2017 Financial Planner of the Year on Thursday. The award, presented by the Financial Planning Institute (FPI), is the highest accolade […]
The National Credit Regulator (NCR), in a media release on 24 October 2017, also issued a compliance notice to Volkswagen Financial Services South Africa (Pty) Ltd (VW) for charging consumers an on-the-road fee, admin fee […]
The document titled “Guideline on the Determination of Reappointment of Debarred Representatives”, published on 13 July 2011, was withdrawn in a notice published on Friday, 20 October 2017. No reason for the withdrawal was given, nor was […]
Was justice fully served in the Oosthuyzen case before the High Court in Bloemfontein last month? From the perspective of the plaintiff, possibly yes, albeit it 7 years later. Delayed, but at least not […]
Sometimes, desperate times call for innovative ideas, rather than desperate measures. Sasria has signed an agreement with Santam to join their “Partnership for Risk and Resilience” (P4RR) programme to facilitate increased collaboration between […]
Reviews of decisions by the Registrar and the FAIS Ombud tend to take a slightly more formal and legalistic approach. In the case of the FSB, particularly, it also provides insight into cases […]
Views ‘on-the-road-costs’ as not being in line with prescriptions On 3 August, we published an article on the National Credit Regulator’s (NCR) media statement, warning vehicle financiers (being registered credit providers) that they […]
At the launch of the 2016 Annual Report from the Short-term Ombud, she elected to deviate slightly from the usual statistical analysis to highlight some interesting trends from the report with particular reference […]
The Retail Distribution Review (RDR) of 2014 contained several comments that expressed concern about the negative effects of “churning” which it described as “inappropriate or unnecessary replacement of policies driven by intermediary incentives”. […]
The Regulator held a media briefing on 20 September to bring the media up to speed on developments in her department. Regulations Draft Regulations were published for public comments on the 8 September 2017 with a […]
ASISA reports that, despite strong economic headwinds, South African life insurers honoured claims by policyholders and beneficiaries worth R458 billion in the year ended 30 June 2017. This represents a 9% increase in benefits paid, compared […]
A recent article in “Die Burger” reports on the first liquidation and distribution accounts in respect of the Herman Pretorius/Relative Value Arbitrage Fund matter. In total, the RVAF handled investments totalling R2.2 billion, and […]
In June we reported on three new cases to be heard by the FSB Appeal Board. One of these concerned a complaint that was dismissed by the Ombud but the client, an advocate, […]
