Legal Affairs

Being a FAIS key individual is not an ‘easy gig’

In a December 2023 decision the Financial Services Tribunal upheld the debarment of the key individual of a fund of funds investment vehicle, Stringfellow Investments, on the grounds of his material failure to perform his oversight and management role in relation to the financial services provider as prescribed in the FAIS Act. A key individual has an onerous responsibility to ensure that the FSP complies with its duties and responsibilities as demonstrated in the FAIS Act and its General Code of Conduct. Therefore the fact that the KI was licensed for Category II activities and not the Category 1 activities of the FSP was irrelevant because the KI bore an oversight role in relation to the FSP generally.

Special extinctive prescription provisions for professional negligence claims against legal practitioners

In December 2023 the Constitutional Court held that where a client sues their legal practitioner for losses suffered as a result of professional negligence, the knowledge of the facts which give rise to the commencement of running of the three year prescription period may include knowledge of the legal conclusion that the advice was incorrect.

The War Exclusion & Proximate Cause (UK)

Construct All Risks Insurance Policy: Period of Insurance (UK)