Office of the Ombud for Financial Services Providers

Overview

About the Department

Our Vision

Our vision is to be a preferred employer and responsive dispute-resolution forum that builds trust and confidence in the financial services industry through accessible and equitable justice. This vision statement presents an image of what success will look like for our organisation. It projects a future that is beyond daily turmoil and that distils the bigger picture. Our vision represents a mental model of what the FAIS Ombud is striving to achieve in the future as it conducts its work.

Our Mission

The mission of the FAIS Ombud is to promote consumer protection and contribute t0 the integrity of the financial services industry by resolving complaints in a manner that is impartial, expeditious, economical, accessible at all times.

Mandate 

The main objective of the FAIS Ombud is to investigate and resolve complaints in terms of the FAIS Act and the Rules promulgated under the Act.

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.

“Financial services provider” refers to any person who, as a regular feature of the business of such person:

  • Furnishes advice; or
  • Furnishes advice and renders any intermediary service; or
  • Renders an intermediary service.

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