Appeal Tribunal clarifies life insurer’s duty in beneficiary nomination
The ruling highlights the need for the timely communication of beneficiary changes in life insurance policies.
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Life insurers with the most and least complaints to the ombud in 2023
There was a further decline in cases that were resolved wholly or partially in favour of the complainants.
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.
New National Financial Ombud scheme launches
The previously separate credit, banking, and long-term and short-term insurance ombud schemes are now under one roof.
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.
