FAIS Ombud

Also known as: Office of the FAIS Ombud, Ombud for Financial Services Providers

The independent office that resolves client complaints against FSPs informally, fairly and at no cost to the complainant.

The Office of the Ombud for Financial Services Providers (the FAIS Ombud) was established under the FAIS Act to resolve complaints by clients against FSPs and their representatives.

The Ombud handles complaints in a procedurally fair, informal, economical and expeditious manner. Its determinations are binding and have the effect of a court order, though they can be appealed to the Financial Services Tribunal.

A client must usually first complain to the FSP and allow six weeks for resolution before approaching the Ombud, and there is a three-year limit on bringing a complaint.

Related terms

FSCAThe Financial Sector Conduct Authority — the market-conduct regulator that licenses and supervises FSPs.General Code of ConductThe binding code that sets out how FSPs and representatives must behave towards clients — fairness, disclosure and suitable advice.ComplaintA specific grievance from a client about a financial service, which an FSP must handle through a defined process.FAIS ActThe Financial Advisory and Intermediary Services Act, 2002 — the law that governs financial advice and intermediary services in South Africa.

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