Legal Affairs

TCF: Directors fined for mis-selling

The South African market should not take Treating Customers Fairly lightly. The Financial Conduct Authority (FCA) fined Swinton Group Limited £7.4 million for an aggressive sales strategy that resulted in the mis-selling of monthly add-on insurance products.

Fraudulent insurance claims and private prosecutions

Fraudulent insurance claims

In English law an insured who uses a fraudulent device to promote an otherwise valid claim forfeits the claim. This is not the position in South African law.

Fraudulent insurance claims

In English law an insured who uses a fraudulent device to promote an otherwise valid claim forfeits the claim. This is not the position in South African law. Unless there is an appropriately worded fraud clause an insured who embellishes their claim with a lie where it is in all other respects valid will not