Who to call when you’ve been ripped off by a financial services provider
List of ombuds and regulators handy
It should give you comfort to know that the financial services sector in South Africa is highly regulated.
Not only do we have good laws in place to regulate what is sold, how and by whom, but we also have a host of statutory regulators and ombudsmen for just about every aspect of financial services.
The flip side, however, is that it can sometimes be tricky for you to figure out which regulator or ombudsman you should complain to.
For example, if your car was stolen and your insurer has rejected your claim on the basis that you didn’t have a vehicle tracking device installed – this being something that your financial adviser failed to alert you to – you might be confused to discover that the Ombudsman for Short-term Insurance can’t resolve your complaint.
The appropriate ombudsman is the FAIS Ombud, also known as the Ombud for Financial Services Providers, who deals with complaints relating to the rendering of advice.
If an adviser recommends a product to you, he or she must advise you of the conditions relating to the use of that product.
The Sowetan Money team has compiled the following list of ombuds and regulators for your easy reference.
As a rule of thumb, you need to try and resolve your complaint with the financial adviser or institution first.
If you’re not satisfied with the outcome, you can then take your complaint to the appropriate ombud or regulator, where it will be assessed at no cost to you. The Ombudsman for Banking Services Ombud: Reana Steyn Call: 0860-800-900
Email: info@obssa.co.za if you have a complaint about your bank www.obssa.co.za
The Credit Ombud
Ombud: Nicky Lala-Mohan Call: 0861-662-837
Email: ombud@creditombud.co.za if you have a complaint about a credit bureau or concerning a credit agreement. www.creditombud.org.za National Credit Regulator CEO: Nomsa Motshegare Call: 0860-627-627
Email: complaints@ncr.org.za if you have a complaint about a credit provider or dccomplaints@ncr.org.za if you have a complaint about a debt counsellor. www.ncr.org.za
FAIS Ombud / the Ombud for Financial Services Providers Ombud: Noluntu Bam
Call: 012-470-9080 or 012-762-5000
Email: info@faisombud.co.za if you have a complaint about a financial adviser or a company that has given you bad financial advice. www.faisombud.co.za Financial Services Board Executive officer:
Adv Dube Tshidi
Call: 0800-110-443
Email: info@fsb.co.za if you have an investment-related complaint about a company that is not a bank. www.fsb.co.za
Ombudsman for Long-term Insurance
Ombud: Judge Ron McLaren Call: 0860-662-837
Email: info@ombud.co.za if you have a complaint about a life assurance company. www.ombud.co.za
Council for Medical Schemes Acting chief executive and registrar: Dr Sipho Kabane Call: 0861-123-267
Email: complaints@medicalschemes.com if you have a complaint about your medical scheme. www.medicalschemes.com Pension Funds Adjudicator Adjudicator: Muvhango Lukhaimane
Call: 012-748-4000 or 012-346-1738
Email: enquiries@pfa.org.za if you have a complaint about your pension or provident fund, or the trustees of the fund, or the quantum of a benefit paid from your retirement annuity fund. www.pfa.org.za
Ombudsman for Short-term Insurance
Ombud: Adv Deanne Wood Call: 0860-726-890
Email: info@osti.co.za if you have a complaint about the insurer of your car or possessions. www.osti.co.za
Tax Ombud
Ombud: Judge Bernard Ngoepe Call: 0800-662-837
Email: complaints@taxombud.gov.za if you have an administrative or procedural complaint against SARS. If you have a complaint about a tax practitioner, you must complain to the individual’s professional body. www.taxombud.gov.za