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Complaints are on the rise as policyholders battle exclusions and delays

10 July 2024 | Short Term Ombudsman

The Ombudsman for Long-term Insurance (OLTI) and the Ombudsman for Short-term Insurance (OSTI), now the National Financial Ombud Scheme South Africa (NFO), recently published their last joint annual report for 2023.

Funds pays benefit to fraud syndicate whilst real member was in prison

08 July 2024 | PFA - Pension Fund Adjudicator

Whilst the actual member was serving a prison sentence, a pension fund paid out a benefit of more than R800 000 to a syndicate that was involved in identity theft and unlawfully claiming benefits of retirement fund members.

Joint authorities lay down the law for insurer outsourcing

08 July 2024 | General

Stakeholders in the life and non-life insurance sectors have just received another regulatory instrument in their mailboxes, labelled Joint Standard 1 of 2024: Outsourcing by Insurers, published 17 May 2024. The Joint Standard should give the industry’s compliance teams something to chew over while they wait for the next mega regulatory meal to be served; the long-awaited Conduct of Financial Institutions (COFI) Bill has been simmering since its first draft back in 2018, and is surely imminent.

Ombud stats lay bare complex insurance sector

04 July 2024 | Insurance Ombudsman

It was business as usual for two of South Africa’s financial services ombud schemes as they updated journalists on their 2023 statistics shortly after their assimilation into the country’s National Financial Ombud Scheme South Africa (NFOSA). The Ombudsman for Long-term Insurance (OLTI) and Ombudsman for Short-term Insurance (OSTI) were recently merged into NFOSA alongside the Ombudsman for Banking Services and Credit Ombud.

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If I were tasked with taking my firm’s customer experience (CX) to the next level, I would:

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