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Tag Archives | FAIS Ombud

advisor-clients

Was this advice given, taking due care and diligence? You be the judge

Justice delayed is justice denied. A recent determination, which resulted in the matter being referred to the Tribunal, underlines the validity of this old saying. A brief glance at the latest determinations published on the FAIS Ombud’s website reveals that investment related determinations hog the limelight. The last short-term case dates back to 2018. What […]

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stats

FAIS Ombud Annual report highlights the need for TCF

During the 2019/2020 financial year the Office of the FAIS Ombud received a total of 8835 new complaints – a reduction of 5.23% from the 9323 received during the 2018/2019 financial year and the 10 211 received during 2017/2018. In the report, released on Friday, the FAIS Ombud emphasises its three-fold commitment to the industry. “Firstly, […]

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horse

Don’t put the cart before the horse – Ensure that an insured is appropriately covered

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 […]

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Financial-Tribunal-outcome

Financial Tribunal outcome

– 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 […]

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analysis

Needs analysis not a tick box exercise

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 […]

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