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The king’s complaints policy

Our royal recipe for fair resolutions

  Download our official complaints policy

In a nutshell

Thanks to the complaint resolution mechanisms set out in the Financial Advisory and Intermediary Services (FAIS) Act, there’s a speedy and cost effective alternative to settling disputes. However, you’re still free to seek compensation via the courts, as stated in section 40 of the Act. In fact, in cases involving large amounts of damages, this approach is preferred.

The FAIS Act’s General Code of Conduct also states that Financial Services Providers (FSPs – that’s us) must have internal complaint resolution procedures in place. While this part of the act doesn’t apply to FSP representatives, all our employees and representatives are required to follow our complaints policy.

What we mean by

Wherever these terms appear, this is what they mean.

Complaint

A dispute made against an FSP/representative for purposes of resolution, where it’s alleged that the FSP/representative:

  • Hasn’t complied with the FAIS Act, which has led/will lead to the client’s financial loss.
  • Has purposefully or negligently provided a financial service which caused/will cause prejudice or damage to the client.
  • Has treated a client unfairly.

Internal complaint resolution system and procedures

The FAIS-based procedures established and maintained by a FSP.

Ombud

The Ombud for FSPs, also referred to as the FAIS Ombud (referred to in section 20 of the FAIS Act).

Resolution/internal resolution

The process of resolving a complaint, using a company’s internal resolution procedures.

Rules

The Rules on Proceedings of the Office of the Ombud for FSPs, 2002.

Submit a complaint

  • Send your written complaint to [email protected] and attach any supporting docs.
  • We’ll send you a response, in writing, and the contact details of the person who’ll investigate/resolve the matter.
  • We’ll then inform you of the outcome of the investigation within 6 weeks of receiving your email.
  • If the matter’s resolved in your favour, we’ll ensure that you’re compensated appropriately, without delay.
  • If the matter’s resolved in our favour, we’ll inform you of your rights and provide you with a full written report of our investigation, as well as the contact details for the Ombud of FSPs. You’ll then have 6 months to pursue further action from the Ombud’s office.

Remember:

You must first submit your complaint to us before you can seek action from the FAIS Ombud.

How we keep things fair

The king makes sure that each and every dispute is handled fairly, by:

  • Submitting it to our formal complaints register.
  • Handing non-routine/serious issues over to senior staff members with adequate expertise, training and experience to resolve them as soon as possible.
  • Giving each grievance careful consideration and dealing with it in a timely manner.
  • Keeping all our complaints on record for 5 years, with an indication of whether or not they’ve been resolved, along with the reason for each resolution.
  • Making sure that all our royal clients are made aware of our complaints policy and internal procedures.
  • Ensuring that each and every grievance is followed up at an operational level to prevent similar situations from happening.

Basic principles of our complaints process

Our complaints process is based on:

  • Our complaints policy, which outlines our commitment to resolving grievances internally, as well as the procedures we use for this purpose.
  • An easily-accessible complaints procedure. This is accessible through any of our offices/branches, the post, fax, telephone, electronic means and our website.
  • The fair treatment of all clients (this means all parties have equal opportunities to submit info regarding complaints).
  • The regular and adequate training of relevant staff. This training covers our complaints policy, the FAIS Act and related legislation.

Referring a complaint to the FAIS Ombud

You can approach the Ombud within 6 months of receiving our feedback, if your complaint:

  • Hasn’t been resolved within 6 weeks.
  • Has been dismissed.
  • Has been resolved and you’re unhappy with the outcome.

FAIS Ombud details:

Physical address
Kasteel Park Office Park,
Orange Building, 2nd Floor,
546 Jochemus Street,
Erasmus Kloof,
Pretoria,
0048
Postal address
P.O Box 74571
Lynnwood Ridge
0040
Contact no.
012 470 9080
Fax
012 348 3447

Remember, the FAIS Ombud:

  • Won’t investigate a complaint if the incident was more than 3 years ago.
  • Doesn’t look into disputes that have already been taken to court.
  • Isn’t the only complaint resolution platform available. You may pursue any other legal avenue to submit a grievance.
  • Only investigates disputes where your financial loss is R800,000 or less.
  • Can refuse to address a complaint if there’s a more appropriate dispute resolution process available.
  • Will only take action once all parties have been informed of the complaint, and have received an opportunity to respond.
  • May follow/implement any procedure which it deems fit and may allow any party the right of legal representation.
  • Can make recommendations which, if accepted, will be taken as a final resolution.
  • May dismiss/uphold a complaint even if their recommendation hasn’t been accepted. If a complaint is upheld, the Ombud will either offer you compensation, order the FSP to take certain steps or make an order similar to that of a court.