The National Credit Regulator (NCR) has recently warned consumers against fake credit providers offering loan scams. “These scams typically target those who are in distressed financial circumstances and looking for a loan, using slogans such as “blacklisted” or “debt review clients welcome”, Jacqueline Peters, Manager: Investigations and Enforcement at the NCR explains. According to Peters […]
The Council for Medical Schemes (CMS) will be hosting an advanced training programme workshop for accredited healthcare brokers in the Gauteng Province. Participants are requested to register on-line and submit proof of payment to the email provided above, by 15 February 2019. Please include your current BR number as your reference number. Each participant must have a […]
– The right to state your case is not negotiable Audi alteram partem (or audiatur et altera pars) is a Latin phrase meaning “listen to the other side”, or “let the other side be heard as well”. It is the principle that no person should be judged without a fair hearing in which each party […]
– Affects banking safety On Monday it was World Data Privacy Day – a day which aimed to highlight that millions of people worldwide are unaware of how their personal information is being used, collected or shared in an increasingly digital society. ABSA bank mentioned in a FIN24 article that banking fraud is on the […]
Over the last few months we have seen an increase in debarment cases placed before the Financial Services Tribunal for reconsideration. Why? Has there been an increase in debarments? Has many of these debarments been effected as an injustice to representatives? What changed? A right to appeal A representative now has a right to appeal […]
A recent Financial Services Tribunal decision showcases the Tribunal’s powers in terms of section 234 of the FSRA. “Section 234(1)(a) of the FSRA 4 circumscribes the powers of the Tribunal with respect to the decisions of the Authority. The Tribunal can either set aside the decision and remit the matter back to the Authority for […]
– Interesting high court judgment This rather sensational headline greeted readers of the Star newspaper on December 14, 2018. But does this reflect the real findings of the KZN High Court? A careful reading of this very important judgement is highly recommended to anyone who is still involved with Sharemax disputes as it does not provide any […]
The importance of an in-depth client financial needs analysis is once more highlighted in a FAIS Ombud investigation, ruling and settlement. A financial needs analysis should not just be a tick box exercise; financial advisors should always do an in-depth analysis of the client’s circumstances and financial position before making any recommendation, even when clients […]
ASISA statistics on fraudulent claims – Spike in dishonest death claims Although there was a decline in the number of irregular claims the value of the fraudulent and dishonest claims was almost the same as in 2016. South African life insurers foiled a total of 5 026 irregular claims to the value of R1.13 billion in 2017. […]
A closer look at the background to non-disclosures The “Momentum debacle”, as it became known in the media, has certainly drawn a lot of public and media comment and interest. Many a commentator used it as a convenient whip to lash the insurance industry. The more balanced reports pointed out that the decision to refute […]
