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?
An FSP failed to ensure that a client was made aware of the implications of modifying his policy, resulting in an insurance claim denial.
A complaint over a claim for stolen jewellery prompts the FAIS Ombud to emphasise the importance of maintaining a proper record of advice.
The FAIS Ombud found that Luvuyo Burial and Consulting failed to comply with the Policyholder Protection Rules.
Lebohang Funeral Home left policyholders exposed by failing to secure underwriting, misleading clients about their coverage, and refusing to pay a valid funeral claim.
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.
The Tribunal’s decision underscores that financial advisers’ duties are limited to the specific terms of their engagement.
The Ombud failed to investigate key facts around the broker’s alleged negligence in communicating an essential policy requirement.
The increase is below the 6% CPI-related increase permitted by the Levies Act.
From misrepresented investment products to overlooked policy details, the cases show how advisers can better serve clients by providing clear, timely, and relevant information.
More than R39m awarded to consumers as complaints settled in their favour increased from 29% to 35% in 2023/24.
The planner acted in the client’s best interest, highlighting the importance of clear communication and thorough record-keeping in financial advice.
Key achievements include the creation of the National Financial Ombud Scheme and the new FAIS Ombud Rules.
FSPs will have to budget for an additional R32 per key individual or representative in the 2025/26 financial year.
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.
The Office has sorted out the ‘embarrassing’ backlog of cases John Simpson inherited and has set timeframes for resolving complaints.
The adviser brought an application for the FAIS Ombud’s determination and the Tribunal chairperson’s decision to be reviewed in terms of PAJA.
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