Regulatory Alerts2021-01-22
Information Letter 3 of 2014 (LTST) – Key Findings on Complaints Management
The Financial Services Board of South Africa issued this information letter to present key findings from a thematic review of long-term and short-term insurers' complaints management processes, requiring regulated entities to evaluate their current handling methodologies and implement necessary improvements. These findings will directly inform future supervisory conduct of business reviews and drive planned amendments to the Policyholder Protection Rules under the Long-term and Short-term Insurance Acts. Insurers are further encouraged to align their enhancements with the regulator's Treating Customers Fairly framework and associated discussion document.
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