The implications of FAIS Ombud Rulings for your business

Feedback from the Altrisk FIA Power Roundtable series.

Altrisk and the FIA hosted the second in a series of power roundtables aimed at independent financial advisors on Thursday 21 August 2014. This session covered an analysis of FAIS Ombud processes and decisions, the lessons learned over the years under FAIS, how these lessons will empower advisors for TCF, the value of implementation under RDR and the implications of future rulings on advisor liability.

There is an ever broadening scope of broker responsibilities and in turn, this has implications on the level and number of duties performed by the independent financial advisor. Add to this a raft of legislation such as the Financial Advisory and Intermediary Services Act (FAIS), Financial Intelligence Centre Act (FICA), Prevention of Organised Crime Act (POCA), Consumer Protection Act (CPA), Treating Customers Fairly (TCF) and so on, and pretty soon the far reaching effects of such on the advice process, content of insurance policies and claims handling becomes quite overwhelming.

The full debate as well as individual commentary from the panel has been distilled into a number of video clips which are now available for viewing, courtesy of Altrisk. This is an opportunity to get to grips with the various viewpoints of the panel and the insights shared on the day ranging from the processes and the quality evidence required by the FAIS Ombud under FAIS, POPI, TCF and RDR based on actual Ombud cases, views from a claims management and legal perspective, and how you need to engage your clients so that you are fully prepared when having to face the FAIS Ombud.

The panel consisted of:

FIA: Anton Swanepoel
Altrisk: Susan Gonnerman
Webber Wentzel: Gus Fitchardt
Webber Wentzel: Zelda Swanepoel
Moderated by: Gareth Stokes of the FIA

Watch the video clips here:

Panel discussion

Description: Product providers, intermediaries and legal counsel get together at the Altrisk FIA Broker Roundtable Forum to engage in an analysis of recent FAIS Ombud processes and decisions, the lessons learned over the years under FAIS, how these lessons will empower you for TCF, the value of implementation under RDR and the implications of future rulings on advisor liability.
Link: Click here.

Individual interviews with our panel experts

Name: Susan Gonnermann on FAIS Ombud rulings
Description: Altrisk’s head of claims, Susan Gonnerman discusses the different contractual relationships between a client and the insurer, and the client and advisor, and what this means in terms of differing responsibilities.
Link: Click here.

Name: Zelda Swanepoel on FAIS Ombud rulings
Description: Zelda Swanepoel of Webber Wentzel discusses industry regulation and what this means in terms of an advisor’s duty of care, as well as the importance of thorough product training and knowledge.
Link: Click here.

Name: Gus Fitchardt on FAIS Ombud rulings
Description: Webber Wentzel’s Gus Fitchardt discussed the importance of thorough record- keeping and documenting of all forms of client communications and engagement.
Link: Click here.