oa De Rebus - Amendment act removes investment fund cover

Volume 1999, Issue 372
  • ISSN : 0250-0329



The Attorneys Amendment Act 115 of 1998, which was passed by Parliament at the end of last year, provides, first, for the exclusion of cover by the Attorneys Fidelity Fund (AFF) for loss resulting from the theft of investment funds by attorneys, The AFF has hitherto been exposed to the risk of considerable loss from investment practices, Practitioners administer very substantial sums of money entrusted to them for investment purposes, and the theft of even a small portion of such funds in circumstances in which the AFF would be required to reimburse the loss suffered, would have a considerable impact on the AFF's resources,

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