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Tag Archives | FAIS Ombud

FAIS Ombud Determinations to get worse?

Blue The FSB telematics broadcast on 28 August 2013 was intended for independent financial advisors and covered a wide range of topics, including one simply titled: FAIS Ombud Determinations. The introduction states that the Ombud made some far reaching judgements against FSPs. It notes that some of these judgements were not in line with the […]

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When is a complaint out of time?

The recent Bester determination by the FAIS Ombud provides guidance on the requirement that a complaint must be lodged within three years. We often understand this to mean from the time the advice was given, but this is not quite so simple, as can be seen from the extract below: “All four respondents have pointed […]

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The Great Switcheroo

I toyed with several titles when contemplating writing this article, but finally settled on this one, from a Roald Dahl short story.  A typical Dahl tale contains unexpected developments in the story line, and a twist in the tale. The latest FAIS Ombud determination initially follows some of these trends, but then deteriorates into a […]

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Sharemax Beslissing en die Doel van FAIS

Die Toets vir Geskiktheid (The Suitability Test) Die vereiste dat adviseurs ‘n omsigtigheidstudie (due diligence) moet uitvoer ten opsigte van produkte wat hulle aanbeveel, word verder as volg toegelig in die Ombud se beslissing in die Siegrist beslissing: “It must be said that the test for any FSP is not whether or not the investment […]

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FAIS Ombud Indicts Product Provider

It has become a hackneyed phrase to term an event “ground breaking”. In this instance, I think it applies. We have for a very long time voiced our concern over the fact that determinations were only made against the intermediaries involved, especially where investments were made in what the media dubbed “toxic investments”. In her […]

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Transgressions Never Retire

A retired financial advisor received quite a shock when he was ordered to refund a client to the tune of R460 000, as well as interest at 15.5% dating back from 2005. We copy below extracts from the actual determination. Those who would like to read the whole determination can click here. This case is […]

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The FAIS Ombud and Jaws

The worldwide outcry when a surfer in Australia or South Africa is attacked by a shark, never ceases to amaze and amuse me – the outcry, please note, not the attack. Whether this is still the aftermath of the sixties horror movie Jaws, is hard to tell, but the media and the public have a […]

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