Complaints Policy

Rules on proceedings of the office of the Ombud for FSP’s

Subject matter of complaints

The complaint

  • Must fall within the ambit of the FAIS Act and the Ombud Rules;
  • The person against whom the complaint is made must be subject to the Ombud Rules;
  • The act or omission complained of must have occurred at a time when the Ombud Rules were in force – on or after 30 September 2004.
  • The respondent (FSP) must have failed to address the complaint satisfactorily within 6 (six) weeks of its receipt.
  • The claimant must lodge the complaint within 6 (six) months of receiving the notice of dismissal of claim by respondent (FSP).

Types of complaints

  • A complaint constituting a claim for a monetary award must relate to the redress of financial prejudice or damage suffered or likely to be suffered by the complainant;
  • Monetary claims are limited to R800 000, unless the respondent has agreed in writing that the limitation being exceeded, or the complainant has abandoned the amount in excess of the limit;
  • Also complaints relating to a financial service rendered by a non-licensed FSP or by a person acting on his/her behalf;
  • Referrals by the Registrar of Financial Service Providers;
  • Must not relate to the investment performance of a financial product, unless such performance was guaranteed or such performance appears so deficient as to raise a prima facie presumption of misrepresentation, negligence or maladministration.

Submission of a complaint

  • The complainant must endeavour to resolve the complaint with the respondent before submitting a complaint with the Ombud;
  • The complaint must be submitted to the Ombud within 6 (six) months of the final response from the respondent;
  • The complainant must satisfy the Ombud of having endeavoured to resolve the complaint with the respondent, and must submit the final response of the respondent and the complainant’s reasons for disagreeing with the response;
  • The complaint must be in writing;
  • Accompanied by available documentation;
  • Subsequent to lodging a complaint, the complainant is entitled to submit further facts, information or documentation.

Response by respondent

  • The Ombud informs the respondent of the complaint submitted;
  • The respondent may respond to the complaint;
  • The respondent may submit any fact, information or documentation in relation to the complaint;
  • The respondent may be required to discuss the complaint with the Ombud;
  • The respondent must act professionally and reasonably and co-operate.

Summary dismissal of complaints

  • The Ombud may dismiss a complaint if: –
  • The complainant does not have any reasonable prospect of success;
  • The respondent has made an offer which is fair and reasonable and which is open for acceptance by the complainant;
  • The matter has been previously considered by the Ombud;
  • The essential subject of the complaint has been decided in court proceedings;
  • The subject of the complaint is pending in court proceedings;
  • The complaint or relief sought is of the nature that the Ombud can be of no assistance to the complainant;
  • The complainant fails to co-operate;
  • The complaint is pursued in a frivolous, vexatious or abusive manner.

Time limits

The parties to the complaint must honour time limits fixed by the Ombud.

Case fees and costs

  • The respondent must pay case fees to the Ombud not exceeding R1000;
  • The Ombud may grant costs and interest against the respondent or the complainant.

Appeals

Application for leave to appeal

  • A party against whom the Ombud has made a determination may apply to the Ombud for leave to appeal;
  • In writing within 1 (one) month of the date of the determination;
  • Setting out the grounds of the application.

General

Prescription: a compliant cannot be lodged after 3 (three) years of the occurrence of the complaint, unless the complainant was unaware of the occurrence of the act by the respondent.

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The client is very happy with the A-class service and advice he received. Thank you.

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Received from a Financial Advisor

    I find that they are a caring company! They really go out of their way to give great service, like sending their consultants across the country to see clients to do their Wills. More important is when our client passed they appoint a caring case manager and will AGAIN go and see the families / beneficiaries to assist with explaining the process, completing forms and gathering info.

    Financial Advisor regarding a Consultant

    Financial Advisor regarding a Consultant

    I have to congratulate you on your service – my client was so impressed with you and the way you explained the product.

    Financial Advisor regarding a Consultant

    Financial Advisor regarding a Consultant

    The client said that the appointment was most pleasant and very informative.

    Financial Advisor regarding a Consultant

    Financial Advisor regarding a Consultant

    The client is very happy with the A-class service and advice he received. Thank you.

    Financial Advisor regarding a Consultant

    Financial Advisor regarding a Consultant

    Thank you so much for your prompt assistance and fantastic service. I appreciate your letter. I will definitely contact you in the future.

    Received from a Client

    Received from a Client

    I learnt so much in my joint call with him, he is a pleasure to work with.

    Financial Advisor regarding a Consultant

    Financial Advisor regarding a Consultant

    Thank you so much for the excellent and quick way that you have handled this matter. I really, really appreciate it.

    Quote from Independent Financial Advisor, Certified Financial Planner® and surviving Husband

    Quote from Independent Financial Advisor, Certified Financial Planner® and surviving Husband

    Keep up the brilliant work and Capital Legacy should be really lucky to have you on board as it is very hard to find good efficient customer service and the turnaround time you did this in was phenomenal. Thank you so much once again.

    Received from a Client

    Received from a Client

    Dear Deenisha and co. Thank you for all your help with the estate of our Father. You have made the process as bearable as possible through all your efforts.

    Message attached to a bouquet of flowers and delivered to our offices from the family who had recently lost a loved one

    Message attached to a bouquet of flowers and delivered to our offices from the family who had recently lost a loved one

    The client is very happy with the A-class service and advice he received. Thank you.

    Financial Advisor regarding a Consultant

    Financial Advisor regarding a Consultant

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