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 […]
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 […]
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 […]
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. […]
The summary dismissal of a complaint by the FAIS Ombud was overturned by the Financial Sector Tribunal in a decision published on 30 April 2021. The complaint was dismissed by the Ombud in terms of Rule 7(b)(i) of the Rules of the Proceedings of the Office of the Ombud which provides that the Ombud may […]
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 […]
