FAIS Ombud’s office releases its 2021/22 report
Eight interesting things, including an update on long-standing property syndication complaints.
FAIS Ombud
Crypto transfers: new client information requirements coming for CASPs and intermediaries
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
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Ombud Council is becoming a reality
The effective functioning of the office will contribute to a fairer deal for all.
Godongwana appoints permanent FAIS Ombud
This comes after nearly three years of having an acting ombud.
FAIS Ombud told to reconsider decision in case involving ambiguous policy wording
Insurer argues that ‘days’ means ‘normal days’, but the Financial Services Tribunal does not agree.
FAIS Ombud revises compensation order after tribunal asks her to reconsider determination
The determination did not sufficiently address an adviser’s submissions on the extent of the complainant’s losses.
Tribunal rules on calculation of loss after breach of mandate by broker
Informal dispute resolution mechanisms are notoriously hesitant to become involved in complaints related to fund performance. The Ombudsman for Long-term Insurance emphatically states on its website that it does not consider a complaint […]
Godongwana appoints new acting FAIS Ombud
Minister of Finance Enoch Godongwana has appointed Thobile Masina as the new acting FAIS Ombud. Masina was the assistant ombud since October 2017. She replaces Advocate Nonku Tshombe, who acted in the position […]
The law – should it be applied or enforced?
In District Six, the musical, one of the songs asks: The law, the law, the law. What for? The answer comes from Kris Kristofersson: The law is for protection of the people. After […]
FAIS Ombud answers our questions about Sharemax determinations
The FAIS Ombud, Advocate Nonku Tshombe, says it is impossible to blame the collapse of the Sharemax property syndications on the intervention of the South African Reserve Bank (Sarb) unless “pertinent questions” about […]
FAIS Ombud did not deal with experts’ evidence fairly, says tribunal
Another property syndication determination has been sent back to the FAIS Ombud, with the Financial Services Tribunal (FST) stating that the ombud had, among other things, not dealt fairly with the evidence of […]
Does the industry possess the skills required for the future?
Skills shortages have become the norm as far as a lack of service delivery is concerned. Sadly, they are not restricted to the most obvious areas, such as Eskom and the SA Police […]
Tribunal advises FAIS Ombud on how to reconsider Sharemax determination
The Financial Services Tribunal (FST) has sent yet another determination related to an investment in Sharemax back to the FAIS Ombud for reconsideration, with the tribunal saying the ombud needed to apply the […]
NPA’s decision to drop Sharemax prosecution will impact investors and advisers
In 2020, Magnus Heystek wrote an article titled A truly horrific chart with nowhere for the JSE to hide, in which he compared the returns of various investment options over the previous 10 […]
FAIS Ombud did not act impartially in Sharemax matter, says tribunal
The Financial Services Tribunal (FST) has sharply rebuked the FAIS Ombud for the way in which she arrived at a Sharemax determination, saying the ombud not only failed to interrogate the FSP’s version, […]
FSCA wants to set FAIS Ombud’s compensation limit at R3.5m
The FSCA is proposing to increase the FAIS Ombud’s compensation limit from R800 000 to R3.5 million. In a communication published this week, the FSCA said the proposal is the result of a recommendation […]
Retail Distribution Review proposals will be reworked in Cofi regulations
Pending regulations flowing from the Retail Distribution Review (RDR) will not be processed in their current form but will be incorporated into new regulations that will developed under the Conduct of Financial Institutions […]
