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Tag Archives | FAIS Ombud

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It is time to clean up the mess

“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 […]

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Send me your complaints about healthcare brokers, says FAIS Ombud

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 […]

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FAIS Ombud is moving to new premises

FAIS Ombud is moving to new premises

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 […]

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Ombud calls adviser’s conduct ‘morally reprehensible’

Ombud calls adviser’s conduct ‘morally reprehensible’

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 […]

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FAIS Ombud warns FSPs about four areas of non-compliance

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 […]

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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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