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Do you have a complaint against a financial services provider? The FAIS Ombud can help! Find out more.
The FAIS Ombud was established by the Financial Advisory and Intermediary Services Act of 2002. According to their website, the FAIS Ombud’s role is to ‘resolve disputes between financial services providers and their clients in a procedurally fair, informal, economical and expeditious manner.' All services are provided free of charge to consumers.
The FAIS website stipulates that complaints will be considered if it is alleged that a financial services provider:
- has contravened or failed to comply with a provision of the FAIS Act and that as a result thereof the complainant has suffered or is likely to suffer financial prejudice or damage
- has wilfully or negligently rendered a financial service to the complainant and has caused prejudice or damage to the complainant or which is likely to result in such prejudice or damage; or
- has treated the complainant unfairly
If you are considering bringing a complaint before the FAIS Ombud please take note of the following:
- The FAIS Ombud can only deal with complaints that occurred on or after 30 September 2004
- The claim against the provider cannot exceed R800 000
- Before you can submit your complaint to the FAIS Ombud you must try and resolve the issue with your financial services provider yourself. Your provider has six weeks in which to resolve the matter with you. If the matter is not resolved to your satisfaction you can submit your complaint to the FAIS Ombud, but please note that you must do so within six months of receiving a final response from your provider
- The FAIS website has clear step-by-step instructions on how to submit a complaint or you can phone them on (012)470-9080.
For more information please visit the FAIS website on www.faisombud.co.za.
