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.

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Causal event charges and TCF

If the Pension Fund Adjudicator had her way, causal event charges would be levied very differently, if at all. In a case reported on in FANews on 3 August 2017, the product provider, in response […]

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Debarment and TCF

The necessity for a process to ensure that those who fall foul of the fit and proper requirements are not allowed to practice was never in question. In particular, the bad apples need […]

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Lack of TCF seen as Aggravating Factor

The latest settlement agreement, between the Registrar and New National Assurance Company Limited, contains an interesting new slant to what we have become used to. The Registrar was of the opinion that the […]

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Santam makes TCF decision

An Operational Circular titled “Settlement of claims on damaged or stolen vehicle tyres and shock absorbers/springs”, issued on 24 January 2017, provides a good example of Treating Customers Fairly in action. Commercial and Personal lines […]

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TCF in Dispute Resolution

An interesting case from the latest Short-term Ombud briefcase reflects that fairness and equity should be applied in settling a dispute. Background Ms. A suffered a burglary at her property, which was let […]

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Treating Advisers Fairly

The introduction of the FAIS Act and supporting regulations contributed to making the provision of financial advice a more daunting and costly service than ever before. Prior to 30 September 2004, we saw […]

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TCF Name Change

SAIA notes in its August newsletter that the Treating Customers Fairly (TCF) Department will cease to exist. It will, in future, form part of the Market Conduct Strategy Unit. This is in line […]

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Stick to the Facts

When certainty is lacking, people often make assumptions. As we all know, to assume often leads to making an Ass of U and ME. Speculation about what the new regulatory environment will look […]

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A Regulatory Paradigm Shift

The FSB has a new approach to regulation, in line with its additional obligations under Twin Peaks. Mr Jonathan Dixon, Deputy Executive Officer: Insurance at the FSB, reiterated the Regulator’s stance as late […]

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Governance of Ombud Schemes

The Short-term Ombudsman’s 2013 annual report contains an interesting perspective on regulation of the various Ombud schemes. The Financial Sector Regulation Bill originally proposed a so-called single Ombudsman’s structure. This envisaged that all […]

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TCF in Practice

Treating customers fairly may be the new buzzword, but it has been applied in the industry for quite some time now. A perfect example of this comes from a formal ruling made by […]

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TCF in your practice

The FSB published guides for small FSPs and asset managers on the practical impact of treating customers fairly (TCF) on their businesses. The harsh reality of TCF is, of course, that you could […]

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FSB Outlook for the next 2 years

Improved customer service and fair advisor remuneration will be key features of the new financial services landscape. Jonathan Dixon, Deputy Executive Officer of the Financial Services Board’s Insurance Division, made some interesting comments […]

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TCF and Causal Event Charges

The Pension Fund Adjudicator (PFA) recently ruled on an investor’s complaint regarding the excessive causal event charges. The PFA found in favour of the product house, but was rather scathing in her comments […]

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How Productive are you?

The results of two surveys in the financial services industry were recently published by CoreData, a firm who conducts research in banking, mortgages, retail saving, pensions, asset management and the financial advisory sector. […]

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