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.
Wherever these terms appear, this is what they mean.
A dispute made against an FSP/representative for purposes of resolution, where it’s alleged that the FSP/representative:
Internal complaint resolution system and procedures
The FAIS-based procedures established and maintained by a FSP.
The Ombud for FSPs, also referred to as the FAIS Ombud (referred to in section 20 of the FAIS Act).
The process of resolving a complaint, using a company’s internal resolution procedures.
The Rules on Proceedings of the Office of the Ombud for FSPs, 2002.
You must first submit your complaint to us before you can seek action from the FAIS Ombud.
The king makes sure that each and every dispute is handled fairly, by:
Our complaints process is based on:
You can approach the Ombud within 6 months of receiving our feedback, if your complaint:
Remember, the FAIS Ombud: