Discount for Burglar Alarm
An interesting case was published in the December Short-term Ombud’s Briefcase. Mr. J submitted a claim against his insurer for contents stolen from his home during a burglary. The insurer rejected the claim […]
Life insurers pay out R39.5bn, with 95.6% of death claims honoured
Policies subject to underwriting had the highest payout rates in 2024, reflecting lower fraud and non-disclosure and the value of comprehensive risk assessment.
Unjustified Fees
The charging of “broker” or “policy” fees (section 8(5) fees) in the Short-term industry appears to be a common occurrence. The Regulator frowns upon unjustified fees, and it will be addressed under RDR. […]
A Greener South Africa
A Greener South Africa – Why opt for nuclear power when Mother Nature already provides the answer in abundance? The January 2016 edition of Country Life carried an article titled Solar Karoo about Kalkbult, near […]
Provident Fund Decision Overturned
An apparently hastily scribbled note from National Treasury titled, Proposal on Postponing the Annuitisation Requirement for Provident Funds for Two Years, confirmed industry concerns that the Taxation Laws Amendment Act, which was promulgated […]
Social Grants and Funeral Insurance Premiums
The government proposes to amend regulations concerning deductions from social assistance grants by making an affordability assessment a prerequisite to entering into any agreement to provide funeral cover to the beneficiary of a […]
Notes on Due Diligence
Failure to conduct a proper due diligence procedure is often used by the FAIS Ombud to find against financial advisers. Advisers involved in property syndications and Ponzi schemes, in particular, often felt the […]
FSB 2015 Annual Report
In response to media speculation about possible reasons for the delay in the publication of its 2015 Annual Report, the Regulator published the following press release: The Public Finance Management Act (PFMA) requires […]
ASISA Introduces New Cost Comparison Standards
In a media release by the Association for Savings and Investment South Africa (ASISA) on 10 February 2016, it announced details of a new “meaningful” basis to allow consumers and advisers to compare charges and […]
Sole Proprietors: Did you Know?
Those who remember the good old days of Chappies bubblegum might like to chew on these extracts from an interesting document published on the FSB website: There is no legal distinction between the […]
The Importance of Material Disclosures
In a determination dated 18 December 2015, the Ombud ordered the Respondents to pay R273 715 to a complainant for “…failure by the financial services provider to update the sum insured under the business […]
One swallow a summer does not make
The result of Tuesday night’s match, and the way the team played, came as a huge relief to anxious fans who were becoming rather despondent after the euphoria of the success in the […]
Treasury Heeds FICA Criticism
Legalbrief Today reported on Thursday on the National Treasury’s response to criticism that certain aspects of the proposed amendments to the Financial Intelligence Centre Act are impractical and too onerous. Quoting from a […]
Addressing Unintended Consequences
The financial services industry faces massive changes which need to be managed very carefully to avoid disruptions which it may never recover from. The South African Chamber of Commerce and Industry (SACCI) recently […]
Legal Services Provider Fined
The latest Enforcement Committee (EC) ruling is quite an interesting one. There is often a fine line between what constitutes a financial service and what not. Defensive Legal Protection CC, trading as Legal […]
A child’s voice in parents’ legal battle
It is often said “parents know best” – but when parents become embroiled in litigation against each other and children are involved, it can become very difficult for them to set their own […]
Wicked Cricket, Super Rugby & the 6 Nations
Wicked Cricket It is with a huge sense of relief that I notice that rugby matters are slowly but surely pushing cricket articles for space in the daily newspapers. The final straw that […]
Turn a Deaf Ear
There appears to be two kinds of respondents involved in FAIS Ombud determinations: those who attempt to defend themselves, and those who follow a strategy akin to the Lindesfarne song from which the […]
