Labour Court overturns CCMA’s reinstatement of wealth manager
Failing to follow FAIS-mandated policy-renewal procedures and poor record-keeping constituted a serious regulatory breach that justified dismissal.
#GeneralCodeofConduct
FAIS Ombud highlights need for follow-up when a policy changes materially
Determination says a ‘reasonable broker’ would supplement a bulk email with an email or phone call to ensure the client is aware of new conditions.
COFI is coming – and FSPs can’t afford to wait
Early preparation for COFI will give firms a competitive edge and help to avoid the compliance scramble seen during FAIS implementation.
FAIS Ombud finds broker negligent for failing to update client’s contact details
The material change from a co-policyholder to a sole policyholder should have alerted the FSP of the need to review the policy.
Misclassified vehicle use – a reminder to provide adequate advice
An FSP failed to ensure that a client was made aware of the implications of modifying his policy, resulting in an insurance claim denial.
FSP pays R50 000 settlement because of missing record of advice
A complaint over a claim for stolen jewellery prompts the FAIS Ombud to emphasise the importance of maintaining a proper record of advice.
Tribunal rules against former Sanlam representative in signature dispute
The Financial Services Tribunal dismisses a reconsideration application by a former representative who claimed a client e-signed documents in person.
Life insurer debars rep who ‘went off-script’ during sales call
The agent repeatedly deviated from the approved product script. Previous warnings and documented missteps played a key role in the decision.
Tribunal upholds FSCA’s sanctions for unauthorised advice
FSPs must ensure their representatives operate strictly within their authorised product categories and according to the client’s mandate.
Dispute over cancelled policy: FST orders FAIS Ombud to reconsider decision
The Tribunal’s decision underscores that financial advisers’ duties are limited to the specific terms of their engagement.
R3m fine and 10-year debarment for VBS-linked adviser
The former owner of Gundo Wealth Solutions has been fined R3 million and debarred for a decade for brokering investments into VBS Mutual Bank.
Innocent mistake? Tribunal sides with FSP in confidentiality breach case
The rep claimed he never meant to harm the FSP, but the FST found his actions violated the FAIS Act and demonstrated a lack of integrity.
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.
Costs order against FSCA for ‘irregular and unlawful’ debarment
The Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.
Policyholder waiting for funeral policy payout after three years
The FAIS Ombud issues a determination after the FSP fails to follow through on its undertaking to settle the claim.
KI’s enquiries could have prevented losses suffered by Stringfellow clients, says FST
‘A key individual is not only responsible to oversee the categories of financial services for which he is licensed, but he bears an oversight role in relation to the FSP generally.’
FAIS Ombud highlights FSPs’ obligations when a policy is replaced
The complaint arose because the policyholders were under the impression the new policy had retroactive cover.
