Justice for All?
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 […]
Industry News
Sasria and Santam to Empower Municipalities
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 […]
Remorse and Forgiveness
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 […]
NCR smacks BMW
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 […]
Trends in Motor Insurance
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 […]
New steps to curb Churning
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”. […]
Information Regulator Update
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 […]
Benefit payments from life insurers
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 […]
Herman Pretorius RVAF Update
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 […]
Appeal Board upholds Ombud Decision
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, […]
Living Annuity Statistics
The August ASISA Dispatches provided the following information on Living Annuities. The 2016 Living Annuities Survey statistics were finalised in August. The survey showed that living annuity policyholders withdrew on average 6.62% of […]
FIC Amendment Act Implementation Update
The Financial Intelligence Centre (FIC) Act has been amended with the first set of provisions coming into effect on 13 June 2017. These provisions do not have any effect on accountable institutions. The next set […]
Addressing Assumptions about POPI
We are not Google, so why should we care about data privacy? Let’s not beat about the bush. Complying with data privacy laws can be expensive and POPI is no exception. So it […]
Health Market Inquiry Update
Investigations into the health market by the Competition Commission appear to have hit a bit of a hitch. A media statement confirmed that the “Revised Administrative Timeline”, published on 1 December 2016 has been withdrawn […]
Unclaimed Retirement Benefit Search Engine
The Financial Services Board made this facility available on its website this week. I was obviously curious about whether the Kruger millions were not possibly hidden in a pension fund somewhere and promptly […]
Fairness in Justice
In a recent decision concerning a Sharemax investment, the FSB Appeal Board said that section 20(3) of the FAIS Act requires the FAIS Ombud to consider complaints in a procedurally fair, informal, economical […]
Pick the right Ombud
This case reminds me of a Dennis the Menace cartoon where he walks up to his dad and says: “Pick a card – any card.” Dad picks a card and Dennis says: “No, […]
