FSP top ups maturity value after Ombud finds investor was not properly advised
The complainant was aggrieved because he received R470 000 from the R700 000 put into an investment plan with income.
A cyberattack not only removed his account from his tax practitioner’s profile but also led to an erroneous VAT refund being paid back to SARS.
Read moreThe complainant was aggrieved because he received R470 000 from the R700 000 put into an investment plan with income.
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
The FAIS Ombud issues a determination after the FSP fails to follow through on its undertaking to settle the claim.
A review of the entire structure of the funeral class would be a better way to prevent over-selling, says Moonstone Compliance’s Paull Lawrence.
The Ombud Council also provides an update on the status of the new FAIS Ombud rules.
Insurance brokers are much more than ‘a mere conduit or post-box’, as per the General Code of Conduct, their duties and responsibilities extend far beyond that, the FAIS Ombud says.
The complaint arose because the policyholders were under the impression the new policy had retroactive cover.
The Ombud was unable to help a complainant who lost most of the R725 000 he invested over several months.