Herman Pretorius: Brokers will pay for bad advice

5 Aug

Author:  Julius Cobbett

Publications: MoneyWeb

Date Publiched: 05 August 2012

Complaints with the Fais Ombud could bankrupt financial advisers in R1.8bn scam.

JOHANNESBURG – Financial advisers who peddled the investment products of the late Herman Pretorius could pay dearly for their bad advice. Investors can lay complaints against their advisers with Noluntu Bam (pictured), the ombud for financial services providers (Fais Ombud). For more information on how to complain, visit the Ombud’s website,www.faisombud.co.za.

If the Ombud finds that bad advice was rendered, she has the power to order an adviser to refund a client as much as R800 000. An adverse finding has the same strength in law as an …………..

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