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Tag Archives | sharemax

The-Villa

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 legal tests for negligence and causation to the matter. Read: FAIS Ombud did not act impartially in Sharemax matter, says tribunal Read: […]

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justice

FAIS Ombud did not act impartially in Sharemax matter, says tribunal

The Financial Services Tribunal (FST) has sharply rebuked the FAIS Ombud for the way in which she arrived at a Sharemax determination, saying the ombud not only failed to interrogate the FSP’s version, but she also championed the client’s cause instead of being an impartial adjudicator. As in a previous decision concerning Sharemax, the tribunal […]

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legal

Tribunal sends Sharemax determination back to the FAIS Ombud for a second time

Between 2008 and 2010, a pensioner couple invested in two Sharemax property syndications. They complained to the FAIS Ombud in 2011 after losing their money. Seven years later, the FAIS Ombud issued a determination ordering their adviser to pay them R749 000 (with interest of 10% a year accruing from the date of the determination). Last […]

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complaints-08

It is time to clean up the mess

“When I read about the evils of drinking, I gave up reading.” – Henny Youngman This reflects how I feel lately when scanning a variety of publications every day to stay abreast of developments in the country and the industry. Mark Bechard’s recent article on the latest decision by the Financial Services Tribunal (FST) concerning […]

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The-Villa-mall

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 was liable for their loss. Last month’s ruling brings to three the Sharemax-related determinations set aside by the FST since September last […]

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