Task7

avatar
Created by
Happiness Mokoena

Cards (12)

  • Ombud for FSPs

    Appointed by the Minister of Finance to resolve complaints submitted by clients against an FSP, KI or Rep
  • Complaint process with Ombud for FSPs
    1. Client first tries to resolve matter with the FSP
    2. If still dissatisfied, client may lodge complaint with Ombud for FSPs
    3. Ombud investigates and adjudicates on the complaint
  • Ombud for FSPs

    • Handles/deals with complaints in a fair, informal, economical and expeditious manner
    • Remains independent and impartial
    • Considers the contractual or other legal relationship between the client and the FSP
  • The Ombud for FSPs service is free of charge to clients and consumers of financial products
  • The Ombud for FSPs can investigate complaints relating to misconduct, misleading or non-disclosure of facts by an FSP, KI or Rep during the rendering of a financial service
  • The Ombud for FSPs can investigate complaints where an FSP, KI or Rep has knowingly or negligently provided a financial service that has caused or may cause financial loss to the client
  • The Ombud for FSPs can investigate complaints where an FSP, KI or Rep has treated the client unfairly
  • Complaints that are reported within 3 years
    Complaints that occurred after 30 September 2004
  • FAIS ombudsman maximum claim of R800 000
    Client must agree to reduce claim to R800 000 in writing
  • Client has to choose between ombud or court.
    Ombud may refer complaint to court.
  • A person who is dissatisfied with the decision of the FAIS Ombud may appeal to the High Court within 60 days from receipt of the written reasons for the decision of the FAIS Ombud.
  • Complaint will be reassessed only if new evidence is presented
    -1st limitations is timeframe the fAIS ombuds can investigate complaint that happened after 30 September 2004. -these must be reported to the fAIS ombud within 3 years when a client becomes aware of the problem. -this means the is a timeframe of 3 years with compliance can be submitted by client to the fAIS ombud claims that fall outside it's window will not be investigated