Who is the Ombud for Financial Services Providers?
The Ombud is appointed by the Minister of Finance, as provided for in section 21 of the FAIS Act. The Ombud must be a person who is qualified in law and who possesses adequate knowledge of the rendering of financial services. The Minister may also appoint one or more persons as Deputy Ombud.
The Office of the Ombud for Financial Services Providers (FAIS Ombud) was established in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002 (‘FAIS Act’). The FAIS Ombud’s objective is to consider and dispose of complaints in a procedurally fair, informal, economical and expeditious manner, and by reference to what is equitable in all circumstances.