FAIS Ombud finds broker negligent for failing to update client’s contact details
The material change from a co-policyholder to a sole policyholder should have alerted the FSP of the need to review the policy.
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FSCA probes complaint processes amid surprisingly low filing rates
A survey shows that only 8% of consumers lodged complaints with financial institutions between 2021 and 2023. Does this figure reflect genuine satisfaction or signal barriers in the complaint process?
Misclassified vehicle use – a reminder to provide adequate advice
An FSP failed to ensure that a client was made aware of the implications of modifying his policy, resulting in an insurance claim denial.
FSP pays R50 000 settlement because of missing record of advice
A complaint over a claim for stolen jewellery prompts the FAIS Ombud to emphasise the importance of maintaining a proper record of advice.
Burial society ordered to pay after failing to inform policyholder of premium hike
The FAIS Ombud found that Luvuyo Burial and Consulting failed to comply with the Policyholder Protection Rules.
FAIS Ombud orders funeral home to pay R20 000 claim after failed cover
Lebohang Funeral Home left policyholders exposed by failing to secure underwriting, misleading clients about their coverage, and refusing to pay a valid funeral claim.
Jewellery insurance: don’t let warranty clauses take you by surprise
The FAIS Ombud warns that failing to adhere to warranty clauses – such as storing jewellery in a safe when not worn – can significantly reduce claim payouts.
Dispute over cancelled policy: FST orders FAIS Ombud to reconsider decision
The Tribunal’s decision underscores that financial advisers’ duties are limited to the specific terms of their engagement.
FAIS Ombud erred in dismissing complaint against insurance broker, says Tribunal
The Ombud failed to investigate key facts around the broker’s alleged negligence in communicating an essential policy requirement.
FSCA announces proposed levy increase for 2025/26
The increase is below the 6% CPI-related increase permitted by the Levies Act.
FAIS Ombud’s report highlights pitfalls in client communication
From misrepresented investment products to overlooked policy details, the cases show how advisers can better serve clients by providing clear, timely, and relevant information.
Consumer settlements rise as FAIS Ombud sharpens complaint handling
More than R39m awarded to consumers as complaints settled in their favour increased from 29% to 35% in 2023/24.
Tribunal upholds financial planner’s actions in annuity rate dispute
The planner acted in the client’s best interest, highlighting the importance of clear communication and thorough record-keeping in financial advice.
Ombud Council’s first formally tabled report highlights reforms in financial dispute resolution
Key achievements include the creation of the National Financial Ombud Scheme and the new FAIS Ombud Rules.
FAIS Ombud proposes increasing the KI and representative levy
FSPs will have to budget for an additional R32 per key individual or representative in the 2025/26 financial year.
FAIS Ombud clarifies remarks about consumers’ trust in their advisers
Trust is an essential element in the relationship between advisers and consumers, who have a responsibility to verify aspects of their adviser’s credentials and standing, says the Financial Planning Institute.
Consumers should inform themselves before they transact, says FAIS Ombud
The Office has sorted out the ‘embarrassing’ backlog of cases John Simpson inherited and has set timeframes for resolving complaints.
