First National Bank (FNB) was the only bank among the country’s “big five” banks that recorded a decrease in the number of cases opened against it by the Ombudsman for Banking Services (OBS) in 2021. Both Standard Bank and Capitec saw the number of formal cases opened against them increase by more than 30% last […]
Absa Life has the most satisfied clients among the country’s major life insurers, according to Consulta’s latest South African Customer Satisfaction Index for Life Insurance. The index is based on a survey of more than 2 100 customers of the country’s largest life insurers by market share during the last quarter of 2021. “The past […]
We operate in an era where honest and clear disclosure is a prerequisite for providing advice that enables a client to make an informed decision. Coupled to this is the need to explain material terms and conditions at the contracting stage. The latter are extremely difficult for those of us not entrusted with a crystal […]
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 […]
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, […]
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 […]
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 […]
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 […]
We predicted earlier that 2014 would be a bit of a water-treading year in so far as new regulations and changes relating to financial advice and intermediary services are concerned. This was based on the fact that the implementation of the Twin Peaks model of regulation would necessitate a slowdown in regulatory changes until such […]
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 […]
