Financial Ombud Services refers to the Office of the FAIS Ombud, an independent statutory body in South Africa responsible for resolving disputes between clients and licensed Financial Services Providers (FSPs).
Its role is to provide an impartial and cost-free mechanism for handling complaints that could not be resolved directly between you and an FSP.
What is the role of the FAIS Ombud?
The FAIS Ombud reviews complaints related to financial services provided under the Financial Advisory and Intermediary Services Act. It operates independently and has the authority to investigate complaints, assess compliance with regulatory obligations, and issue determinations where appropriate.
When can I contact Financial Ombud Services?
You may approach Financial Ombud Services if:
You have submitted a formal complaint to Weltrade SA (PTY) Ltd
You are not satisfied with the final response or outcome
The complaint relates to services provided under South African regulation
In most cases, you are required to first give the FSP an opportunity to resolve the issue internally before escalating it.
Does it cost anything to file a complaint?
No. Submitting a complaint to the FAIS Ombud is free of charge for clients.
What types of issues can be reviewed?
The FAIS Ombud may review complaints related to:
Conduct of intermediary services
Compliance with disclosure obligations
Fair treatment of clients
Administrative or procedural issues
The Ombud does not act as a trading dispute arbiter and does not reverse trading losses resulting from market movements.
Key takeaways
Financial Ombud Services provide an independent escalation channel for unresolved complaints. You have the right to seek external review if internal complaint handling does not lead to a satisfactory resolution.