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Tag Archives | FAIS Ombud

Tribunal appeals to FAIS Ombud to get her act together

Tribunal appeals to FAIS Ombud to get her act together

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 […]

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Who watches the watchdog_signature added

Who watches the watchdog?

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 […]

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Material non-disclosure could result in hige fines for insurers

Material non-disclosure could result in huge fines for insurers

Insurers should put processes in place to ensure that funeral policyholders are alerted when their dependants turn 21 and no longer qualify for child-dependant status, the Office of the FAIS Ombud says. It also said it would bring to the FSCA’s attention instances where premiums were being collected on policies where child dependants were over […]

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FAIS ombud rebuked by Tribunal

FAIS Ombud rebuked by Tribunal

In the FJ Kotze case heard on 5 July 2021, the Financial Sector Tribunal made several scathing findings against the Office of the FAIS Ombud, something that the newly appointed Ombud Council would do well to investigate. Concerns raised here were already discussed in an article in 2019, indicating then already that the findings were […]

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Ombud Council Board Appointed

Ombud Council Board Appointed

The latest FSCA newsletter provides details of this very important oversight body, established in terms of the Financial Sector Regulation Act. This Act requires financial institutions to be a member of an industry ombud scheme. It also empowers the Ombud Council to allocate a case to the best-suited ombud where no voluntary ombud is available. […]

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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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