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PFA orders funds administrator to refund termination charges

30 January 2014 | PFA - Pension Fund Adjudicator

The “dishonest” underwriter and administrator of a retirement fund has been ordered by the Pension Funds Adjudicator to pay into a complainant’s paid-up retirement annuity policy, all termination and causal event charges levied on the complainant’s fund value.

Beneficiary nomination form is only a guide, says PFA

30 January 2014 | PFA - Pension Fund Adjudicator

The Pension Funds Adjudicator has ruled that the inclusion of a complainant in the beneficiary nomination form did not entitle her to automatically receive a share of the death benefit.

FSB Enforcement Committee fines My Lawyer Legal Assistance

30 January 2014 | Financial Sector Conduct Authority (FSCA) (was FSB)

The Enforcement Committee of the Financial Services Board has imposed a penalty of R200 000 on My Lawyer Legal Assistance (“My Lawyer”) for selling insurance policies that were not underwritten by a registered insurer.

Determination shows the need for draconian measures

30 January 2014 | FAIS Ombudsman

While there is no doubt that combatting fraud and corruption within the financial services industry is a major challenge, one needs to determine how wide the net is, and where the unsavoury activities are rooted before an appropriate solution can be sought.

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Are financial advisers ready for the combined impact of COFI and AI?

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Yes, fully prepared and already adapting Somewhat prepared, but still facing implementation challenges Not yet prepared, more time and support needed Unsure / still assessing the impact

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