The statutory mandate which led to the creation of this Ombud’s office requires that it considers and disposes of complaints in a procedurally fair, informal, economical and expeditious manner, and by reference to what is equitable in all circumstances. A recent communique from the Office of the FAIS Ombud titled, “We hear you”, expanded on […]
Obtain all the relevant and available information and make a recommendation that is appropriate in terms of your clients’ needs and circumstances. If advisors fail in this basic requirement, the outcome can be quite expensive. This was the case in a recent FAIS Ombud determination. Background The complainant, whose core business is the breeding of […]
Commercial crime is amongst the top 10 most common crimes in South Africa. Yes, it resides on the same list as drug related crime and burglaries. According to the 2018 SAPS report 73 277 cases were reported in 2017, which equals to 201 cases per day. Commercial crime includes different types of “white collar” crimes such […]
The Office of the FAIS Ombud recently published a media release to share its commitment to resolving complaints in a “…procedurally fair, informal, economical and expeditious manner, with reference to what is equitable in all circumstances” as its mandate states. According to the FAIS Ombud they always explore every available avenue to resolve a complaint […]
In a recent media release the Office of the FAIS Ombud shared its commitment to resolve complaints in a procedurally fair, informal, economical and expeditious manner, with reference to what is equitable in all circumstances. The FAIS Ombud mentioned that it always explores every available avenue to resolve a complaint between the parties on an […]
– 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 […]
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 […]
FAIS Ombud Settlement – Always obtain and capture all the client information One of the settlements discussed in the latest FAIS Ombud Annual report also puts the emphasis on the disclosure of client information. Disclosure of medical conditions Mr O purchased a credit protection policy subsequent to having bought a vehicle. The main purpose of […]
FAIS Ombud Settlement – Always take clients’ needs and circumstances into account Furnishing financial advice means adhering to a set of legislative requirements as well as keeping to certain principles. One of the settlements discussed in the latest FAIS Ombud Annual report puts the emphasis on a few provisions of the General Code of Conduct […]
Learn from compliance mistakes made by FSPs An FSP’s interaction with clients must at all times meet the standards set out in the General Code of Conduct. The FAIS Ombud’s Annual report highlighted a few settlements that particularly challenged the adherence to two such standards. The first settlement relates to Section 7 of the Code that […]
