Subject Title - INSETA

This means that the Ombud for Financial Services Providers can deal withcomplaints where there is uncertainty over jurisdiction and where the othervoluntary ombudsmen do not have jurisdiction.The following fundamental principles apply to the role of the Ombud forFinancial Services Providers:The Ombud for Financial Services Providers acts independently andobjectively and takes no instructions from any person regarding theexercise of authority.The services rendered by the Ombud are not to be construed asbeing similar to those of a professional legal adviser and are confinedto the investigation and determination of complaints in terms of theAct and the Rules.16.2 THE POWER OF THE OMBUD FOR FINANCIAL SERVICESPROVIDERSThe Ombud for Financial Services Providers is mandated to investigate andadjudicate complaints by clients against FSPs and representatives.These complaints could relate to a number of areas of non-compliance withthe various codes of conduct promulgated under the FAIS Act and where afinancial service has been rendered negligently and where someone haswilfully committed misconduct whilst rendering a financial service.The FAIS Act requires that when adjudicating a complaint, the Ombud forFinancial Services Providers must consider the contractual or other legalrelationship between the parties and ultimately do what is equitable in thecircumstances.Compensation could vary from:ordering the complainant to be placed in the position in which hewould have been had it not been for the misconduct of therepresentative orit could be to simply correct a misunderstanding.It all depends on the circumstances of the particular case.© INSETA - Section 1 12a 263