Case studies of settlements facilitated by the FAIS Ombud
In two cases, the representatives did not advise the clients adequately of terms that were material to the products’ benefits.
General Code of Conduct
Rep’s version of accessing client’s account ‘doesn’t ring true’, says Tribunal
The FST questions why he would take a call on his private cellphone from a friend of a friend and access confidential information without authority.
Debarment for being paid a referral fee by a competitor not justified, says FST
The employer did not point to a single provision in the FAIS Act, or any other legislation, that prohibits this.
Rep debarred for sharing client information while on garden leave
She alleged the evidence of her conduct was obtained through an ‘unlawful search’ of her personal email account.
FSCA clarifies which trading activities require a licence
The declaration of crypto assets as a financial product does not affect financial services rendered in relation to crypto asset derivatives.
Ombud considers what adequate disclosure is in terms of the General Code
Two complaints where the FAIS Ombud held that the FSPs had not drawn the clients’ attention to the material terms.
FSCA sets out how intermediaries may be paid for RA fund transfers
Final version of guidance notice on intermediary remuneration published.
Conclusions depend on the facts of each case, says FST as it sets aside determination for the third time
Tribunal repeats its previous ‘recommendation’ that the FAIS Ombud obtain oral and expert evidence to resolve the disputes of fact.
FAIS Ombud’s report identifies FSP ‘problem areas’
These include delays with funeral policy claims, advice to clients who buy living annuities, and insurance policy disclosures.
FSCA extends professional indemnity and fidelity insurance exemptions
The FSCA last week published two notices relating to the guarantee, professional indemnity (PI) and fidelity insurance (FI) exemptions granted to certain types of FSPs. The FSCA has once again extended, to 31 […]
Tribunal advises FAIS Ombud on how to reconsider Sharemax determination
The Financial Services Tribunal (FST) has sent yet another determination related to an investment in Sharemax back to the FAIS Ombud for reconsideration, with the tribunal saying the ombud needed to apply the […]
FSCA issues draft guidance notice on remuneration following RA fund transfers
The FSCA has issued a draft guidance notice aimed at clarifying when intermediaries can be remunerated after a pension interest has been transferred between retirement annuity (RA) funds. The draft guidance notice has […]
FSPs can’t simply debar representatives for any act of internal misconduct
The Financial Services Tribunal (FST) has drawn on the principles governing the fit and proper requirements for legal practitioners in setting aside the debarment of a bank’s representative on the grounds of dishonesty. […]
FSCA appoints statutory manager for N-e-FG Administrators
The FSCA has appointed a statutory manager for N-e-FG Administrators (Pty) Ltd, saying it is concerned about N-e-FG’s failure to manage the funds it administers responsibly. It is also investigating N-e-FG’s conduct relating […]
FSCA fines Poneso Consulting and Poneso Employee Benefits
The FSCA announced this week that it has imposed a fine of R200 000 on Poneso Employee Benefits and Actuarial Consultants (Pty) Ltd and Poneso Consulting (Pty) Ltd for contravening a provision of the […]
FSCA fines Viva Cover and Comit Technologies
The FSCA has imposed penalties of R110 000 on both Viva Cover (Pty) Ltd and Comit Technologies (Pty) Ltd for contravening various provisions of the General Code of Conduct from November 2013 to […]
Adviser not liable for Sharemax investors’ loss, says tribunal
The Financial Services Tribunal (FST) has upheld a reconsideration application by an FSP whose clients invested in a Sharemax-managed property syndication scheme, saying his provision of inappropriate advice did not necessarily mean he […]
