From CompliNEWS | Financial Service Intelligence Watch
FAIS Ombud newsletter summary for June 2024
The FAIS Ombud’s first newsletter of the financial year marks the beginning of a journey to share valuable content with its stakeholders. The newsletter aims to provide relevant insights and updates to foster greater transparency and trust in financial services. Among the highlights of this issue are two significant settlements: one addressing the distinctions between Life Cover and Accidental Cover, and another focusing on the Taxation of Retirement Fund Lump Sums upon Withdrawal and Retirement. These topics are crucial for understanding one’s rights and options in financial matters.
This issue also introduces new appointments that strengthen the FAIS Ombud team. Ms Portia Khampepe joins as a Graduate Trainee in Marketing and Communication, bringing her enthusiasm for communications, marketing, and PR. Mr Sulumani Mdluli, with a robust IT background, joins as a Business Application Support Specialist. Mr Manuel Masiagwala, a seasoned Network and Security Specialist with numerous industry certifications, further bolsters the organisation’s technological capabilities. These new members are expected to make significant contributions to the FAIS Ombud’s success.
The newsletter also covers the importance of understanding insurance coverage for factory-fitted extras. It emphasises that comprehensive motor vehicle insurance should include all factory-fitted items, which are typically listed separately on the dealer invoice. Adequately insuring these extras ensures that vehicle owners are fully protected in case of loss. This proactive approach not only safeguards the value and specifications of the vehicle but also provides peace of mind to policyholders.
Additionally, the FAIS Ombud highlights its consumer outreach initiatives aimed at promoting financial literacy. Recent activities in the North West Province included workshops and presentations to various communities, such as the Groot Marico community and the Maquassi Hills Municipality. These events aimed to educate attendees about the role of the FAIS Ombud and the services it offers, demonstrating the organisation’s commitment to enhancing financial awareness and literacy.