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Tag Archives | Complaints

Insurances

Short- and long-term Ombud – One entry point for complaints from 2020

“As from January 1 2020, retired Judge Ron McLaren will be the single watchdog for both the short-term (non-life) and long-term (life) insurance industries,” BusinessLive reported yesterday. According to the article, the two ombud offices will continue to operate separately within their current defined jurisdictions, but with a single port of entry for complainants who […]

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report

PFA Annual report – Substantial increase in pension fund complaints

“The Office of the Pension Funds Adjudicator (OPFA) has contributed immensely in the country’s priorities of social protection by ensuring consumers of pension fund products and services are empowered and that there are accountability mechanisms”, Mr AM Sithole, FSCA Commissioner, commented in the recently released PFA Annual Report. Tito Mboweni, Minister of Finance, stated:“…from the […]

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complaints-board

Complaint insights – View it as feedback from your customer

We are all aware that the FAIS Ombud is responsible for promoting consumer protection and fostering the integrity of the financial services industry by resolving complaints in a manner that is impartial, expeditious, economical, accessible and, at all times, equitable. Naresh Tulsie, FAIS Ombud, recently mentioned that the FAIS Ombud’s office has two goals. “The […]

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Long Term Ombud Annual Report – Cases resolved in favour of complainants increased

“We received 11 768 written requests for assistance, including 5 978 chargeable complaints. In total, 3 367 cases were finalised, of which 31.5% were resolved wholly or partially in favour of complainants”, Judge Ron McLaren, Ombudsman for Long Term Insurance shares in the just-released 2018 Annual Report. He highlighted the following:  91% of complaints were […]

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Material-terms

Material Terms and Speculative Complaints

There appears to be different views between certain Ombuds on the obligations of various parties in disclosing material terms which are required to assist a client in making an informed decision. It also appears that the proliferation of alternative dispute resolution mechanisms resulted in unexpected consumer behaviour for which no counter is currently in place. […]

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PFA Ruling on Fund Returns

It is standard practice that Ombuds do not rule on what investors may deem to be unsatisfactory returns. This ruling is interesting for two reasons: The complainant alleged that excessive fees caused the poor returns and it is the first ruling that we are aware of where Treating Customers Fairly feature. The complainant submits that […]

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