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Who can sell financial products in South Africa?

07 November 2017 | General

The marketing and sale of financial products in South Africa is subject to regulation under the Financial Advisory and Intermediary Services Act, 2002 (FAIS). FAIS applies to financial service providers (FSPs) wherever they are domiciled. Therefore, FSPs based outside of South Africa are equally bound by the terms of FAIS. This article explains how FAIS works and considers what options are available to FSPs domiciled outside of South Africa for doing business with South African investors.

Policy requirement to comply with statutory or regulatory standards requires reasonable care not absolute compliance

30 October 2017 | General

An Australian court has interpreted the obligation in a business liability policy to ‘comply with legislation and Australian Standards’ coupled with a general condition requiring the insured to ‘take reasonable care to avoid causing harm’ as requiring reasonableness and not absolute compliance.

Attention shoppers: The law is on your side

24 October 2017 | General

Those little presticked notices of ‘if you break this, consider it sold’ or the ‘7 day return policy’ that you are so kindly informed of when you return the toy that broke on day one, have no basis. That’s according to PJ Veldhuizen of Gillan and Veldhuizen Incorporated, a Cape Town-based attorney firm who specialise in litigation. The Consumer Protection Act was introduced (and amended in 2015) to protect the right of the consumer. However, although many of us are aware of the CPA, not many shoppers are familiar with the rights the Act provides them in terms of defective goods and return policies.

Number of exploding appliances and digital devices skyrocket: what are your rights?

18 October 2017 | General

The numbers of reported faulty consumer products, exploding appliances, toys, smartphones, and other digital devices are on the rise, as well as spontaneously combusting cars like the now notorious Ford Kuga, all have consumers diving for cover.

quick poll

Question

What do you believe will be the biggest challenge when the COFI framework is finally implemented?

Answer

The cost and complexity of relicensing Demonstrating customer outcomes through data and reporting Embedding a customer-first culture across the business Aligning existing compliance frameworks with COFI requirements

View the Results