It is important to note that the Act stipulates that before a complainant may submit a complaint to the Ombudsman, the complainant must endeavour to resolve the complaint with the Financial Services Provider.
It is further important to note that this policy only relates to complaints relating to non-compliance with the Act.
1. Policy & Process
1.1 Applicability
This policy will apply in all instances where a complaint arises out of a financial service rendered by a representative or a Financial Services Provider in terms of the Act.
These complaints refer to:
- Contraventions of the Act
- Failing to comply with any provisions contained in the Act
- Unfair treatment
- Causing damage or likely to cause prejudice or damage
1.2 Requirements
Records need to be maintained for complaints received pertaining to any financial service rendered, including advice given.
Additional requirements include:
- Complaints must be lodged in writing
- Records of complaints must be kept for a minimum of 5 years
- Financial Services Providers must handle complaints from clients in a fair and timely manner
- Steps must be taken to investigate and respond promptly, following principles of transparency, visibility, accessibility and fairness
- If the complaint cannot be resolved to the client’s satisfaction, the client must be advised of any further steps that may be taken
1.3 General Principles to Be Followed
- Whenever a complaint arises out of a financial service rendered, a client is required to lodge the complaint in writing via one of the following channels:
- Post: PO Box 11732, Silver Lakes, Pretoria
- Email:
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- The client should attach copies of all relevant information and documentation relating to the complaint
- Receipt of the complaint must be acknowledged in writing
- The complaint must be forwarded to the relevant staff member, depending on the type and seriousness of the complaint. Serious complaints must be handled by staff with appropriate expertise
- Internal follow-up procedures are in place to prevent recurrence and to improve service standards
- Each client must be informed of the outcome of the investigation within 6 weeks of receipt of the complaint
- If the complaint is not resolved within 6 weeks, the client may refer the matter to the Ombudsman within 6 months
- Where a complaint is resolved in favour of the client, full redress must be offered without delay
1.4 Referral to the Ombudsman
If a complaint has not been resolved within 6 weeks by Alphabelle (Pty) Ltd, or where the complaint has been dismissed, or where the client is not satisfied with the outcome of the investigation, the client may refer the complaint to the Ombudsman within 6 months.
FAIS Ombudsman
Address: PO Box 74571, Lynwood Ridge, 0040
Telephone: 012 470 9080
Fax: 012 348 3447
Email:
Website: faisombud.co.za
- The Ombudsman will decline to investigate a complaint if more than 3 years have elapsed since the act or omission giving rise to the complaint, or since the complainant became aware of such act or omission
- The Ombudsman will decline to investigate a complaint if court proceedings relating to the complaint have been instituted
- The Ombudsman may decline to investigate a complaint if a more appropriate dispute resolution process is available, or if the matter is more appropriately dealt with by a Court
- The Ombudsman will only investigate a complaint after notifying all interested parties, providing details of the complaint and allowing those parties the opportunity to respond
- The Ombudsman may follow any procedure deemed appropriate and may allow any party the right to legal representation
- The Ombudsman may make recommendations which, if accepted by the parties, will have the effect of a final determination
- Where a matter is not settled or a recommendation is not accepted, the Ombudsman will make a final determination, which may include dismissal or upholding of the complaint. If upheld:
- The complainant may be awarded compensation
- The financial services provider may be ordered to take specific steps
- The Ombudsman may make any other order which a Court may make
