dc.contributor.advisor |
Van Wyk, Jani Sani |
|
dc.contributor.postgraduate |
Nair, Indrani |
|
dc.date.accessioned |
2023-01-26T07:33:52Z |
|
dc.date.available |
2023-01-26T07:33:52Z |
|
dc.date.created |
2022-11 |
|
dc.date.issued |
2021 |
|
dc.description |
Dissertation (LLM (Research))--University of Pretoria, 2021. |
en_US |
dc.description.abstract |
Since 2012, the financial sector regulators have been engaging with the industry on the
regulatory framework, specifically the policyholder protection rules (PPR) and Treating
Customers Fairly (TCF) approach. The purpose of the adoption of these principles is to ensure
the fair treatment of customers. The approach seeks to ensure fair outcomes to customers within
the financial services sector and to ensure that the sector is adequately regulated at all stages in
the relationship between the institution and its customers.
During these engagements, it became clear that the current financial services regulatory
framework in relation to complaints management was deficient. The purpose of the proposed
changes to the complaints management framework was to effect a more consistent and
comprehensive regulatory framework to support the delivery of the specific outcomes
envisaged for complaints management across different types of financial institutions.
In order to develop proposals, the Financial Services Board carried out a thematic review of
complaints handling practices from April to June 2014. The findings arising out of the thematic
review were aimed at encouraging insurers to assess the effectiveness of their complaints
management processes and, where necessary, effect improvements to, or enhance, their
complaints handling methodologies.
There is a need to unpack complaints management in the insurance industry and to research
possible improvements on deliverables relating to market conduct. Complaints management is
a core component of market conduct-related behaviour and regulation. The dissertation
evaluates the South African system against foreign jurisdictions’ frameworks for complaints
management and international best practices in order to show the need for improvement and
make suitable recommendations. Against this background, the dissertation considers the
following research questions:
1. What is the current regulatory framework in South Africa that governs complaints
management?
2. How does the South African insurance industry deal with the recent regulatory
changes, specific to complaints management?
3. What are the challenges that exist within the current complaints management
framework in its state of implementation, and will future law change these
practices?
ii
4. What are the practices endorsed by the regulators in respect of complaints
management in South Africa and other countries, specifically the UK and are there
international best practices that exist in this regard?
5. How can the South African insurance industry align with national and international
best practices relating to complaints management and in terms of regulatory
changes within the complaints management framework?
The research finds that there are still many questions and concerns relating to complaints
management. Amongst other findings, there is a need for greater engagement between the
industry and the Regulator, an exercise of education for not just the financial services customer,
but for the financial services institution, as well. The need for standardization and consistency
was a requirement which was much needed. Whilst it is noted that there is a separate market
conduct regulator, it is clear that there should be effective coordination to ensure a sustainable
model in future.
The research seems to have raised a number of unanswered questions – not all of which fall
within the ambit of legal scholarship (such as the cost-impact of the regulatory changes to
complaints managements). A number of areas were identified as key areas of concern within
complaints management which will require constant monitoring, review and research in order
to ensure that complaints management complement market conduct outcomes as envisaged. |
en_US |
dc.description.availability |
Unrestricted |
en_US |
dc.description.degree |
LLM (Research) |
en_US |
dc.description.department |
Mercantile Law |
en_US |
dc.identifier.citation |
Nair, I 2022, Market conduct regulation of complaints management in the insurance industry, LLM dissertation, University of Pretoria, Pretoria, viewed yyyymmdd https://repository.up.ac.za/handle/2263/88973 |
en_US |
dc.identifier.other |
A2023 |
|
dc.identifier.uri |
https://repository.up.ac.za/handle/2263/88973 |
|
dc.language.iso |
en |
en_US |
dc.publisher |
University of Pretoria |
|
dc.rights |
© 2022 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. |
|
dc.subject |
Customer care |
en_US |
dc.subject |
Complaints management |
en_US |
dc.subject |
Financial services sector |
en_US |
dc.subject |
Market conduct regulator |
en_US |
dc.subject |
South African insurance industry |
en_US |
dc.subject |
UCTD |
en_US |
dc.title |
Market conduct regulation of complaints management in the insurance industry |
en_US |
dc.type |
Dissertation |
en_US |