FAIS Ombud rolls up her sleeves and more than quadruples determinations against errant Financial Services Providers, reimbursing complainants to the tune of almost R35 Million The number of determinations made by the office of the Financial Advisory and Intermediary Services (FAIS) Ombudsman has increased dramatically by 333 percent from 21 determinations in 2009/2010 to 91 …. »
Financial services providers that aren’t complying with FAIS Conflicts of Interest legislation won’t be given any further leeway. We’ve always followed the approach of giving companies time to rectify what they’re doing wrong. But they’ve had enough time, and we’re moving into a new phase of enforcing the legislation. An amendment to the FAIS General …. »
Is the CPA the final word on product liability? Donald Dinnie, Director, Deneys Reitz Residual Common Law product liability claims Our common law acknowledges that physical or financial harm to others by producing or distributing a defective product is actionable. Our law has no difficulty in providing a remedy to persons who are harmed physically …. »
The need to promote confidence in the financial services sector and to develop a positive image of the insurance industry has never been greater. Doing so requires a delicate balance between strict application of the law and consideration of the principles of equity and fairness. Globally, in the wake of the financial crisis, the emphasis …. »
The complainant submitted a claim for accident damage to her vehicle. The claim was rejected on the basis of a misrepresentation with regard to the regular driver. The insurer alleged that the incident driver, being the insured’s partner, was the regular driver of the vehicle and had they been notified of the change in regular …. »
Judge Brian Galgut welcomed guests to the launch of the Annual Report of the Long-Term Ombudsman at the Westcliff Hotel on 10 May. Jennifer Preiss, Deputy Ombudsman for Long-Term Insurance, opened the presentation with the announcement of three records for the office: a record 9 236 complaints were received by the Office in 2010; a …. »
In The Merchant of Venice, Shakespeare tells the story of a young and successful businessman, Antonio, who stands surety for the debts of a friend, Bassanio. The moneylender is Shylock, who stipulates in the contract that, should Antonio not be able to fulfill his obligations, Shylock will be entitled to take a pound of his …. »
The Ombudsman for Long-term Insurance reported today that 4702 complaints had been received by his office over the past 6 months, an increase of over 8% on the corresponding period last year. The bulk of these complaints, 2156, were classified as full cases, an increase of 19.6% over the corresponding period last year. Further analysis …. »
Details of the Claim The Complainant bought a new Honda JAZZ and purchased insurance cover accordingly. During the sale of the policy, she was asked in Afrikaans whether she, the regular driver of the vehicle, had ever been blacklisted, liquidated or sequestrated. The Complainant claimed her answer to this was “Nie waarvan ek bewus is …. »
Recently, the Short-term Ombudsman has been requiring that insurers, should they repudiate a claim on the basis of a breach of a policy term, demonstrate a causal link exists between the breach of the term and the loss. In adopting this stance, the Ombudsman received considerable support from Prof JP Van Niekerk (Unisa) who published …. »
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