FAIS Ombud highlights need for follow-up when a policy changes materially
Determination says a ‘reasonable broker’ would supplement a bulk email with an email or phone call to ensure the client is aware of new conditions.
Disclosure
Lack of full and frank disclosure sinks FSP’s licence application
The Tribunal agrees with the FSCA that the entity’s key individual did not ‘come clean’ about her past misconduct.
Full disclosure is essential as farming operations evolve
Changes such as joint ventures, investing in infrastructure, and switching to higher-value crops can introduce risks that may not be covered.
Don’t let non-disclosure sink your business: insurance insights for owners
Business owners who neglect to inform their insurers of changes risk denied claims, policy voidance, and even lawsuits.
High Court reinforces key principles of disclosure in insurance
Applicants must fully disclose all relevant information during underwriting, even if it was divulged in past applications.
FAIS Ombud’s report highlights pitfalls in client communication
From misrepresented investment products to overlooked policy details, the cases show how advisers can better serve clients by providing clear, timely, and relevant information.
ConCourt clarifies when medical schemes can cancel membership for non-disclosure
Medical schemes cannot cancel membership based solely on the non-disclosure of a diagnostic procedure that does not lead to the diagnosis of a serious medical condition.
Banks defend lending criteria amid accusations of discrimination
The government takes banks to task over what it sees as unfair lending practices, proposing mandatory disclosures of declined home loans.
What private companies should know about beneficial ownership disclosure
To make sense of the new disclosure regime, it is necessary to distinguish the novel concept of a beneficial owner from the pre-existing notion of “beneficial interest”.
Ombud considers what adequate disclosure is in terms of the General Code
Two complaints where the FAIS Ombud held that the FSPs had not drawn the clients’ attention to the material terms.
FSCA publishes amendments to the General Code of Conduct
The requirements for advice fees in the context of insurance policies will be dealt with by amending the insurance regulations.
FAIS Ombud’s report identifies FSP ‘problem areas’
These include delays with funeral policy claims, advice to clients who buy living annuities, and insurance policy disclosures.
High Court judgment ‘is a caution to insureds who seek to obstruct an insurer’s access to information’
In what is a rare win for an insurer in recent times, the Gauteng High Court’s judgment in Musa v King Price Insurance Co on 9 May highlights the importance of insureds abiding […]
Why insurer changed its mind after declining a claim
The question of full disclosure at the time of application, as well as during the term of a policy, came to the fore in a recent article published in Rapport. After first repudiating […]
Disclosure guidelines – Code of Conduct principles revisited
A recent Financial Services Tribunal case to reconsider the ruling of the Ombud for Financial Services Providers, once again highlighted important provisions of the Code of Conduct for Financial Services Providers. The Tribunal […]
Disclosure guidelines – Code of Conduct principles revisited
A recent Financial Services Tribunal case to reconsider the ruling of the Ombud for Financial Services Providers, once again highlighted important provisions of the Code of Conduct for Financial Services Providers. The Tribunal […]
Claim rejection validated – None disclosure excuse not acceptable
A recent Short Term Insurance Ombud case once again focusses the attention on the importance of disclosing material information at the start of the policy. The client was involved in a motor vehicle […]
