Complaint

Also known as: client complaint, complaints handling

A specific grievance from a client about a financial service, which an FSP must handle through a defined process.

Under the FAIS Act, a complaint is a specific grievance by a client alleging that an FSP or representative has contravened the Act, caused the client financial prejudice, or treated the client unfairly.

Every FSP must maintain an internal complaints-resolution process and resolve complaints fairly and promptly, keeping records of complaints received and their outcomes.

If a client is not satisfied after the FSP’s internal process, they may escalate the complaint to the FAIS Ombud, generally after a six-week period and within three years.

Related terms

FAIS OmbudThe independent office that resolves client complaints against FSPs informally, fairly and at no cost to the complainant.General Code of ConductThe binding code that sets out how FSPs and representatives must behave towards clients — fairness, disclosure and suitable advice.Record-KeepingThe legal duty to keep records of advice, transactions and client information for the prescribed period (generally five years).

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