Is Justice Fully Served?
A reader recently enquired about laying a complaint with the office of the FAIS Ombud. The enquiry stemmed from an investment that one of his clients made in the calamitous RVAF scheme, which […]
FAIS Ombud
Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle
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 moreCommission on Orphan Policies
What happens to the commission of intermediaries who resign, or whose contracts with product providers are cancelled? The latest FAIS Ombud newsletter contains an example which throws some light on the subject. Ombud […]
Fraud knows no Boundaries
Consumers at the lower end of the market are often more vulnerable when it comes to being defrauded. The latest Ombud determination provides details of how the Reformed Christians for Truth Church became […]
Causal Event Charges Back in the Spotlight
The latest determination by the Pension Fund Adjudicator (PFA) brought the levying of penalties on retirement annuities, when changes are effected, to the fore again. I was unable to obtain a copy of […]
FAIS Ombud 2012/2013 Annual Report
The statistics section of the Ombud’s report provides useful insight into trends in the industry. New complaints received During the applicable year, the FSB received 9 949 complaints. The total number of complaints […]
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 […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
