Hindsight and Objectivity
The recent Molate determination, in which Discovery Life was held liable for losses incurred after the death of a life assured, again raises the issue of objectivity with the benefit of hindsight. Background […]
The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.
Read moreThe recent Molate determination, in which Discovery Life was held liable for losses incurred after the death of a life assured, again raises the issue of objectivity with the benefit of hindsight. Background […]
According to an article published in Personal Finance on Saturday, the FAIS Ombud intends appealing against certain findings by the FSB Appeal Board. “Late last year, the Appeal Board of the financial services […]
The FSB’s Appeal Board came to an interesting decision in the last case published in 2016. This was an appeal against two previous decisions against a FSP by the FAIS Ombud in a […]
In December, the FAIS Ombud released no less than eight determinations. In a strange turn of events, one case was actually referred to the courts as the Ombud was unable to determine whether […]
Die FAIS Ombud het onlangs bevind dat ‘n makelaar aanspreeklik gehou moet vir die verlies van ‘n kliënt wat betref die verskil tussen die versekerde bedrag en die uitstaande skuld aan die bank. […]
In Case 1 discussed above, the Ombud also made the following statement: “The investigation further revealed that the respondent, in advising the complainant, had compared various financial products on the basis of a […]
The Appeal Board recently ruled on a determination by the FAIS Ombud on a complaint regarding an investment in the ill-fated Bluezone property syndication. Last week we commented on the observation by the […]
A recent ruling by the FAIS Ombud sheds light on the right of a client to approach the FSB Appeal Board if dissatisfied with a decision by the Ombud. In the Harten determination, […]
Three recent determinations by the FAIS Ombud varied from what one has become accustomed to over the years. Cornelissen The Cornelissen case, which hinged around a dispute regarding the calculation of costs, concluded […]
No need to check the calendar – it’s not 1 April. On 25 October 2012, the complainant entered into a contract of insurance for comprehensive cover in respect of a vehicle. The insurer was […]
The Wallace determination by the Ombud, discussed in last week’s Moonstone Monitor, contained reference to the FNB/Newlove case which was referred to the FSB Appeal Board, which ruled in favour of the Ombud’s […]
There appears to be two kinds of respondents involved in FAIS Ombud determinations: those who attempt to defend themselves, and those who follow a strategy akin to the Lindesfarne song from which the […]
The Buthelezi determination by the FAIS Ombud, signed on 12 January 2016, highlights again the need for accurate record keeping and the dangers inherent in not completing an application form fully whilst at the client. […]
The issue of accountability for an omission was covered in a FAIS Ombud determination issued on 8 December 2015. It also provides insight into what happens in this regard after the sale of a business […]
The latest determination by the FAIS Ombud provides clear evidence that the moving of an insurance book is not merely a routine admin matter which can be left in the hands of others. […]
Tony, a reader in Durban, was one of several people who responded to an article on this subject in the Moonstone Monitor of 24 July 2014: The issue of commission on orphan policies […]