Sharemax case: High Court rules on the status of the FST chairperson’s decisions
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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SCA rules on composition of Financial Services Tribunal panels
Litigation between Trustco and the JSE over the group’s financial statements.
Warriner hit with 30-year debarment as FSCA’s BHI probe continues
The suspension of Global & Local’s licence relates to its relationship with BHI Trust, the FSCA confirms.
FSCA proposes amending the conditions for section 14 transfers
The draft amendments address the misalignment between the current prescribed section 14 application forms and the upcoming two-pot regulations.
Tribunal: clear separation of first-party and third-party risks within cell structures
The decision clarifies the boundaries and regulations concerning reinsurance business conducted through cell captive structures.
FSCA issues directive to funeral service: thousands of clients affected
The Authority instructs Hernell Funerals to cease operating as an unauthorised FSP and insurer.
Arrear contributions: 10 employers should not have been on the list
The FSCA publishes its latest list naming thousands of entities that allegedly owe retirement fund contributions.
How the Authority arrived at a fine of R475 million
Jooste was more blameworthy than others because he deliberately contravened the law and was well qualified to understand his conduct’s implications, the FSCA says.
An insurer is not a supplier under the Consumer Protection Act
When seeking compensation from an insurer because of alleged third-party negligence, the best course of action is to pursue the matter in court, the National Consumer Tribunal says.
Board of Healthcare Funders takes Council for Medical Schemes to task in lawyer’s letter
The BHF raises 10 issues, including the ‘misuse’ of curatorships, whether NHI is informing policy prematurely, and the absence of low-cost benefit options.
FSP tries to debar another firm’s representative who approached its clients
The FSP conflated the requirements for debarment under section 14 of the FAIS Act with the requirements and procedure for a debarment by the FSCA.
Key aspects of Treasury’s proposals to reform SA’s financial ombud system
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
Existing financial ombud system is ‘too complex’ for consumers to navigate
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
Ombuds will handle cases involving disputes of fact or law and award compensation
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
Insurer seeks costs order against debarred representative
Insisting on a formal hearing at the Tribunal, and then not attending it, may have unpleasant consequences.
What qualifies as an FSCA decision that can be reconsidered by the Tribunal?
The Authority’s findings in respect of an investigation have no legal consequences, the FST says.
New implementation date for National Financial Ombud
The Ombud Council also provides an update on the status of the new FAIS Ombud rules.
