Subject Title - INSETA

Include the following in the written complaints policy:– Duties of the FSP and rights of clients;– Clear summary of the provisions of the Act which will applywhenever the client, after dismissal of a complaint by theprovider, wishes to pursue further proceedings before theOmbud;– Name, address and contact details of the Ombud forFinancial Services Providers (FAIS Ombud). We discuss therole and power of the Ombud for Financial ServicesProviders (FAIS Ombud) in Chapter 16.Acknowledge complaints received in writing, with communicationdetails of contact staff and record complaints internally.After receipt and recording, the complaint must be forwarded tothe relevant staff and provision must be made that:– the complaint receives proper consideration.– appropriate management controls are available to exerciseeffective control and supervision of the considerationprocess.– the client is informed of the results of the considerationwithin the required time: Provided that if the outcome isnot favourable to the client, full written reasons must befurnished to the client within the required time, and theclient must be advised that the complaint may within six(6) months be pursued with the Ombud whose name,address and other contact particulars must simultaneouslybe provided to the client.Where a complaint is resolved in favour of a client, the providermust ensure that a full and appropriate level of redress is offered tothe client without any delay.8.8 OTHER PROVISIONS OF THE GENERAL CODE8.8.1 Risk managementThe risk management principles are generally the same across the financialservices industry. The FAIS General Code addresses the concept of riskmanagement in general terms 85 , not prescribing specific requirements, butensuring that the FSP takes notice and ensures that the general requirements85 Sections 11 and 12 of the General Code© INSETA - Section 1 12a 155