In April 2021, the Supreme Court of Appeal  dismissed the review of determinations made by the FAIS Ombud established in terms of the Financial Advisory and Intermediary Services Act of 2002 (FAIS Act).   The SCA was called upon to decide whether the Ombud had committed a reviewable error in determining complaints lodged by the respondents.

Financial services providers (FSPs) registered under the Financial Advisory and Intermediary Services Act 2002 fall within the ambit of ‘accountable institutions’ under the Financial Intelligence Centre Act 2001. As accountable institutions, these FSPs are obliged to comply with the FIC Act and are subject to oversight by the FSCA.

The FSCA has recently investigated compliance

English law relating to professional negligence draws an interesting distinction between whether the professional person is giving information or giving advice. This is not specifically part of South African law but it is relevant when considering liability, for instance, of brokers under the FAIS Act. The difference is between providing information for the purpose of

1. Licensing of asset managers

South African asset managers must register as financial service providers (FSPs) with the Financial Services Board (FSB) under the Financial Advisory and Intermediary Services Act (FAIS). Any person carrying on asset management business in South Africa, or from abroad directed at South African clients, whether in a discretionary or non-discretionary

A financial services provider debarred an employee and representative (who had taken up other employment whilst still employed and lied about it) without giving the representative notice and a fair hearing in terms of the Promotion of Administration Justice Act (PAJA) before doing so. The representative sued for damages for lost income based on this