Every year since 1983, March 15 has been celebrated as World Consumer Rights Day, and it is an opportunity for the Office of the FAIS Ombud to draw attention to the rights and responsibilities of consumers of financial services. It is important that consumers have access to clear and accurate information about financial products and services, and that they are empowered to make informed decisions.
The Office is committed to promoting consumer protection and enhancing the integrity of the financial services industry. This is a commitment born from our Credo to assist both consumers and financial service providers understand their respective rights and responsibilities. Our aim is to reduce the level of complaints and improve confidence in the financial services industry. To achieve this, we constantly strive to educate those we serve about our services and to make our services easily accessible and ensure all parties in a dispute have an opportunity to present their case.
Our aim for this year´s World Consumer Rights Day is for consumers to be recognised as core marketplace actors, and for the focus to be on consumer needs and good business practices. This is what the General Code of Conduct for Authorised Financial Services Providers and the Office seeks to achieve. Financial Services Providers are expected to conduct themselves with the required due skill care and diligence in interests of the client and to the benefit of the financial services industry. Consumers of financial services should receive advice that is appropriate in respect of their specific financial needs and circumstances and material disclosures must be made so that they are empowered to make informed decisions. This will enable consumers to play an active role in their financial planning journey.
The Office of the FAIS Ombud urges consumers to always be vigilant when seeking financial advice and ensure that they are informed about their rights when dealing with Financial Service Providers (FSPs). Consumers can visit our website at www.faisombud.co.za or call us on the contact details below to learn more about what they should expect when seeking advice in respect of their financial needs.
Should you believe that you have been financially prejudiced because of the financial service rendered to you, kindly visit our Complaints Portal at www.faisombud.co.za and select ‘Lodge Complaint’. Alternatively, you may submit a complaint in writing to firstname.lastname@example.org, Fax: (012) 348 3447 / (012) 470 9097. Alternatively, you may call our Client Care Centre on (012) 762 5000 or Sharecall 086 066 3274 for assistance in submitting a complaint.