info@faisombud.co.za

FAQ

Frequently Asked Questions

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.
The FAIS Ombud deals with complaints submitted to the Office by a specific client against a financial services provider. “Complaint” refers to a specific complaint relating to a financial service rendered by a financial services provider or a representative of such provider to the complainant. “Client” refers to a specific person or group of persons, excluding the general public, who is or may become the subject to whom a financial service is rendered intentionally, or is the successor in title of such person or the beneficiary of such service. The complaint must relate to a financial service rendered by a financial services provider or the representative of the provider.
All determinations can be found on the Determinations section of the website