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CR227 Loans – Loan on security of policy – complainant alleges interest rate not disclosed

CR227 Loans – Loan on security of policy – complainant alleges interest rate not disclosed Background 1. On 6 April 2001 the complainant made an off-shore investment in a policy in the amount of R400 000. The sale was done through a broker. 2. In the policy it is stated that interest bearing loans were […]

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CR223 Interest – complainant cancelled during the cooling-off

CR223 Interest – complainant cancelled during the cooling-off Background 1. The complainant had signed an application form on 6 April 2005 for a “Sinking Fund” policy. It later transpired that someone other than the complainant or his adviser had completed the investment portfolio detail as “Money Market Fund”. 2. What in effect had happened was […]

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CR35 Jurisdiction – if an investment product is “wrapped”

CR35 Jurisdiction – if an investment product is “wrapped” in a life assurance policy any complaint would fall within the Ombudsman’s terms of reference Background Most major life assurance companies have associate organisations which are “in house” linked investment companies. This is an area where the Ombudsman’s jurisdiction is questionable but if a life assurance [...]

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