New year starts with two bangs and a whimper
My initial brief was to write an article on the FAIS Ombud’s annual report, but I thought it better not to start the new year on such a sombre note. Equally depressing was […]
Tribunal: FSCA cannot impose joint-and-several penalties under section 167
The FST says the factors in section 167 of the FSRA are individual in nature and must be assessed in determining the appropriate penalty for each person.
FSCA extends exemption on compliance officer visits
The FSCA has once again extended – this time until 31 December 2023 – the exemption on compliance officers’ prescribed visits to FSPs’ business premises. The exemption was granted in 2017 to the […]
Treasury unveils proposals for two-pot retirement system
National Treasury has published a discussion paper, for public comment, on the two-pot system for retirement savings, which will allow for limited pre-retirement withdrawals, and on mandatory retirement savings for all employed and […]
FAIS Ombud warns FSPs about four areas of non-compliance
The FAIS Ombud has warned that complaints about the rejection of homeowner’s insurance claims will be referred to the FSCA for investigation if she believes the disclosure at inception is wanting. This was […]
Higher excess death rate among fully underwritten policyholders
Death claims for fully underwritten new-generation life insurance policies were nearly four times higher than the expected death rate during the peak of the third wave of Covid-19, according to the Actuarial Society […]
Higher excess death rate among fully underwritten policyholders
Death claims for fully underwritten new-generation life insurance policies were nearly four times higher than the expected death rate during the peak of the third wave of Covid-19, according to the Actuarial Society […]
Claim rejection must be supported by an exclusion in the policy
The Ombudsman for Short-term Insurance (Osti) told an insurer to settle claim from a policyholder who was not wearing his glasses at the time of an accident, despite the endorsement to his driver’s […]
Employer duty to pay contributions only ceases when a disability claim is registered
An employer’s obligations to pay contributions to a provident fund ceased when the fund registered the member’s disability claim, not when his contract of employment ended, the Financial Services Tribunal has ruled. The […]
Tribunal overturns Markus Jooste’s R162m fine
The Financial Services Tribunal has ordered the FSCA to come up with an “appropriate” administrative penalty on Markus Jooste after it set aside the fine of nearly R162 million the regulator imposed on […]
Younger consumers driving growth in consumer credit
Loan originations have increased year-on-year across all major lending categories, except credit cards. However, the South African consumer credit market remains below pre-pandemic levels, according to TransUnion’s latest overview of credit trends. Origination […]
Younger consumers driving growth in consumer credit
Loan originations have increased year-on-year across all major lending categories, except credit cards. However, the South African consumer credit market remains below pre-pandemic levels, according to TransUnion’s latest overview of credit trends. Origination […]
FSCA to unveil cryptocurrency regulations next year
The FSCA will unveil a regulatory framework for cryptocurrencies early next year to help protect consumers, according to a report by US-based financial news service Bloomberg. The rules will establish how trading in […]
FSCA to unveil cryptocurrency regulations next year
The FSCA will unveil a regulatory framework for cryptocurrencies early next year to help protect consumers, according to a report by US-based financial news service Bloomberg. The rules will establish how trading in […]
Insurer not obliged to inspect property before providing cover
The Ombudsman for Short-term Insurance (Osti) has rejected a policyholder’s argument that the insurance company should have inspected his property’s roof before providing cover. Following a storm, the insured submitted a claim for […]
Insurer not obliged to inspect property before providing cover
The Ombudsman for Short-term Insurance (Osti) has rejected a policyholder’s argument that the insurance company should have inspected his property’s roof before providing cover. Following a storm, the insured submitted a claim for […]
Employer cannot shirk its obligations if an employee is on sick leave
Retirement funds should ensure employers are aware of their obligation to pay contributions, even while their employees are absent from duty. This was said by the Financial Services Tribunal when it upheld a […]
Employer cannot shirk its obligations if an employee is on sick leave
Retirement funds should ensure employers are aware of their obligation to pay contributions, even while their employees are absent from duty. This was said by the Financial Services Tribunal when it upheld a […]
