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Tag Archives | Treating Customers Fairly

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FAIS Ombud warns FSPs about four areas of non-compliance

The FAIS Ombud has warned that complaints about the rejection of homeowner’s insurance claims will be referred to the FSCA for investigation if she believes the disclosure at inception is wanting. This was one of four “problem areas” red-flagged by Advocate Nonku Tshombe in her 2020/21 annual report. Tshombe was referring to complaints where insurers […]

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FSCA monitoring Twitter to measure banks’ TCF compliance

FSCA monitoring Twitter to measure banks’ TCF compliance

The FSCA is using social media to supervise whether financial products and services promote fair customer outcomes, and it will be looking into the banks’ low response rate to “priority tweets” as revealed by BrandsEye’s 2021 South African Banking Sentiment Index. BrandsEye defines a “priority conversation” as mentions that presented a risk to the bank, […]

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FSB Clarifies Outcomes-Based TCF

Ms Leanne Jackson, Head of Treating Customers Fairly at the Financial Services Board recently responded to a Moonstone article published on the Insurance Gateway website: An article headlined “Not quite Treating Customers Fairly?” by Paul Kruger, published on Insurance Gateway®, quotes from an earlier (9 February 2014) Personal Finance article by Bruce Cameron, headlined “Treating […]

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Introducing Ethics into your Practice

Managing your practice in terms of the FAIS Act and the General Code of Conduct may be time-consuming, but at least there is a set of rules to guide you. The advent of outcomes-based legislation alters the playing field substantially. You may soon find that you ticked all the right boxes, yet can be found […]

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Treating Customers Fairly and Complaints Management

Sometimes, something that appears insignificant can have rather important ramifications. The Regulator recently requested all registered short-term insurers who are members of the Short-term Ombudsman (OSTI) to provide full details of personal lines claims for 2013. The purpose is to allow the Ombud to publish claims versus complaints ratios in his annual report. The rationale […]

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What TCF is NOT

When does Treating Customers Fairly (TCF) become a reality? In the original planning, January 2014 was indicated as the planned date for implementing legislative changes envisaged in the regulatory framework. If this is still the implementation date, a lot will have to happen between now and then. We advise readers to become comfortable with the […]

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