“When I read about the evils of drinking, I gave up reading.” – Henny Youngman This reflects how I feel lately when scanning a variety of publications every day to stay abreast of developments in the country and the industry. Mark Bechard’s recent article on the latest decision by the Financial Services Tribunal (FST) concerning […]
The FAIS Ombud this week issued a media release encouraging medical scheme members to lodge a complaint with her office if they believe they have been “financially prejudiced” by a healthcare broker’s advice. The office lamented the fact that it receives “a negligible number” of complaints about medical scheme brokers, although it has the jurisdiction […]
The Office of the Ombud for Financial Services Providers is relocating from its Erasmuskloof offices to new premises in Menlyn Central, Pretoria. The FAIS Ombud said in a statement that the move is necessary because the current lease has expired. The new premises, at 125 Dallas Avenue Waterkloof Glen, Pretoria, “come with many benefits”, according […]
How does one justify placing an 80-year-old Alzheimer sufferer’s funds in a syndication scheme that is being investigated by the South African Reserve Bank? A recent determination by the FAIS Ombud revealed details of yet another syndication investment that resulted in tragedy. The investor was 80 years old when the broker advised her to invest […]
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 one of four “problem areas” red-flagged by Advocate Nonku Tshombe in her 2020/21 annual report. Tshombe was referring to complaints where insurers […]
The latest scathing remarks from the Financial Services Tribunal regarding the Office of the FAIS Ombud’s apparent failure to execute its duties properly need to be seen in the context of the historical development of the office. In the beginning The name Charles Pillai will ring a bell for those who were around when, in […]
The Financial Services Tribunal has sharply criticised the FAIS Ombud for not holding an oral hearing during which material disputes of fact could be aired and considered, before making a finding. The tribunal set aside the ombud’s determination against an FSP who advised his client to invest in Sharemax and ordered her to reconsider the […]
The FAIS Ombud will ask the FSCA to investigate whether a broker, her supervisor and the key individuals of AIK Brokers are fit and proper to act as FSPs after her office found that the broker knowingly provided an insurer with false information when a vehicle policy was taken out. Advocate Nonku Tshombe also ordered […]
The establishment of the Financial Services Tribunal has brought much-needed legal certainty to the industry – in particular, those who are disgruntled by the views of decision-makers, as well as rulings by the FAIS Ombud and the Pension Funds Adjudicator. The latter two bodies are empowered to make decisions in an informal manner to expedite […]
The Financial Sector Tribunal has given the FAIS Ombud a dressing down for failing to apply her mind to an application by an FSP and its representative to have a complaint brought against them to be heard by a court. The appeal, and the original determination that led to it, are the latest episodes in […]
