Deputy Pension Funds Adjudicator Naheem Essop shares how OPFA’s inquisitorial process works, the challenges funds face with internal dispute resolution, and what happens when complaints escalate or are deemed frivolous.
A nominee who receives a dependency allocation can still claim a share of any surplus death benefit according to the deceased’s nominations.
The OPFA on how retirement funds should address non-compliant employers, death benefit allocations, and requests to withhold benefits.
The Tribunal says the Adjudicator should have addressed the fund’s reliance on two acknowledgements of debt stating different amounts.
The Tribunal says individuals who are subject to administrative action are entitled to fair processes that include the speedy finalisation of their matter
The FST has upheld a ruling that a legal spouse must still prove financial dependence or be nominated to receive a share of a deceased member’s pension benefit.
The High Court confirms a Tribunal decision that the appointment of directors of insurance companies can be regularised retrospectively. It underscores that section 14 of the Insurance Act does not require the Prudential Authority’s pre-approval.
The judgment confirms that the Tribunal acted within its authority when it reduced a penalty imposed by the Prudential Authority on two state-owned insurers.
The FSP used an email address it obtained from a credit bureau, but the rep denied this address belonged to her.
The Financial Services Tribunal dismisses a reconsideration application by a former representative who claimed a client e-signed documents in person.
The agent repeatedly deviated from the approved product script. Previous warnings and documented missteps played a key role in the decision.
The case highlights that debarment is reserved for instances of clear, intentional breaches of integrity, not mere negligence.
FSPs must ensure their representatives operate strictly within their authorised product categories and according to the client’s mandate.
The Tribunal finds the FSP skipped critical steps, including notifying the representative and giving her an opportunity to respond.
The decisions show that even thwarted attempts to breach confidentiality signal a critical lapse in integrity.
The arrest of two more former Steinhoff executives ties back to a fraudulent scheme involving a handwritten note by Markus Jooste.
The High Court confirms the Prudential Authority’s right to challenge Tribunal decisions while affirming the limits of retrospective penalties.
