Compliance - Regulatory / FAIS Ombudsman

A health risk?

The FAIS Ombud has dismissed a complaint by a woman who claimed R800 000 as compensation because, she alleged, Old Mutual Life Assurance Company had failed to advise her late husband to buy adequate life cover.

Small players can now fight the big players

Nedbank smacked again…

The complainant, a farmer from Kwa-Zulu Natal had a large sum of money placed in a Nedbank Money Market Account. He had a long standing relationship with the bank going back some 25 years.

About time…

In a landmark ruling recently, Charles Pillai, the Ombudsman for Financial Advisory and Intermediary Services (FAIS), ordered Nedbank Limited and Nedbank Group Insurance Brokers to allow consumers the right to choose the company from which they wish to pu