COVID-19 – Measures Implemented by FAIS Ombud
As a result of the COVID 19 virus, the Office of the FAIS Ombud has also implemented measures to limit the spread of the virus in an effort to protect both employees and […]
FAIS
Tribunal Debarment Decision – Wilful disregard of FAIS requirements not acceptable
The abhorrent practise of submitting a single premium investment as a recurring premium policy to earn a substantially higher commission is nothing new. If you then, in addition, destroy documentary evidence in the […]
FAIS Ombud Annual report – Unpacking the statistics
During the financial year the OFO received a total of 9323 new complaints, a reduction of 8.7% from the 10 211 received during the 2017/2018 financial year. However, the OFO finalised 9954 complaints, 6.8% […]
FAIS Ombud Report – What are the emerging trends?
The Office of the FAIS Ombud (“OFO”) released its Annual Report for the year 2018/2019 last week, providing a review of its performance over this period. During the financial year the OFO received […]
New FAIS Ombud appointed – Adv Nonku Tshombe replaces Mr Naresh Tulsie
The Office of the FAIS Ombud announced last week that Advocate Tshombe assumed the role of new Ombud for Financial Services Providers effective 1 November 2019. She takes over from the previous Ombud, Mr Naresh […]
FAIS Ombud introduces Share Call Number option
During March 2019, the Office of the FAIS Ombud established a Client Care Centre to enhance the customer experience. The objective of the establishment of the Client Care Centre was to give life […]
FAIS Ombud introduces Share Call Number option
During March 2019, the Office of the FAIS Ombud established a Client Care Centre to enhance the customer experience. The objective of the establishment of the Client Care Centre was to give life […]
Tribunal again rules against FAIS Ombud
Last Monday we published an article on the outcome of a FSCA Tribunal hearing with the following introduction: “The findings of a hearing by the FSCA Tribunal in the Van Zyl case heard […]
FSCA Tribunal orders FAIS Ombud to reconsider determination
The findings of a hearing by the FSCA Tribunal in the Van Zyl case heard on 25 June 2019 should result in serious introspection by the office of the FAIS Ombud. Whilst not […]
Debarment Process – Even institutions get it wrong sometimes
On 1 April 2018, the debarment process under the FAIS Act was amended by the Financial Sector Regulation Act 9 of 2017 (FSRA). In terms of section 14(3) of the FAIS Act, a FSP must, […]
Debarment Process – Even institutions get it wrong sometimes
On 1 April 2018, the debarment process under the FAIS Act was amended by the Financial Sector Regulation Act 9 of 2017 (FSRA). In terms of section 14(3) of the FAIS Act, a FSP must, […]
CPD requirements – Extended CPD activity explained
The publication of the FSCA’s FAIS Notice 35 of 2019 triggered a few questions in the industry. The FAIS Notice states that “FSPs, key individuals and representatives who are members of foreign professional […]
Financial Services Tribunal – When can I refer a FAIS Ombud determination?
In the past editions, we have published many articles on the outcome of various FAIS Ombud as well as Financial Services Tribunal decisions, highlighting legislation and regulatory requirements as well as many guidelines […]
Debarred representatives – When can a rep be reappointed?
On 1 April 2018, the debarment process under the FAIS Act was amended by FSR Act 9 of 2017. Besides stipulating that an FSP must, before debarring a person, take specific steps, the […]
FAIS Ombud Client Care Centre – Enhances customer experience
On 22 March 2019, the FAIS Ombud established a Client Care Centre. According to the FAIS Ombud, the Client Care Centre will ensure that the Ombud’s office is able to not only efficiently […]
FAIS Fit and Proper requirements – A deadline is looming
The Fit and Proper requirements of Board Notice 194 of 2017 need to be implemented and complied with before specific deadline dates. Wednesday, 31 July 2019 is such a deadline. A Representative working under supervision as […]
FAIS Fit and Proper requirements – A deadline is looming
The Fit and Proper requirements of Board Notice 194 of 2017 need to be implemented and complied with before specific deadline dates. Wednesday, 31 July 2019 is such a deadline. A Representative working under supervision as […]
