Subject Title - INSETA

In terms of the FSOS Act, the Ombud can entertain a complaint relating toany agreement with, or a financial service or product of a financial institutionwhere it is alleged that a client has suffered or potentially will suffer financialprejudice or harm.Procedures when investigating a complaint1. The complainant completes a complaint form and submits it to theoffice of the Ombud for Financial Services Providers. The Ombud mayinsist that the complaint be referred to and dealt with by the FSPfirst.2. The Ombud must inform every other interested party to thecomplaint that they have received it. 1703. All parties must be provided particulars to enable them to respond tothe complaint. 1714. All parties must be afforded opportunity to submit a response to thecomplaint. 1725. The Ombud may implement any procedure, including mediation thathe deems appropriate and may allow any party the right of legalrepresentation in considering the complaint. 1736. The Ombud may require the respondent (FSP/representative) todiscuss the complaint and provide any relevant information that theOmbud may require.7. The Ombud will, in the first instance, explore any reasonableprospects of resolving a complaint, by a conciliated settlementacceptable to all parties. 1748. He may make a recommendation to speedily resolve a complaint andrequire the parties to confirm in writing whether or not they acceptthe recommendation. 1759. Where the parties accept the recommendation, the recommendationwill have the effect of a final determination by the Ombud ascontemplated in Section 28(1) of the FAIS Act. 17610. The Ombud may dismiss the complaint if he is of the view that theoffer made by the FSP is fair. 177170 Section 27(4)(a) of the Act)171 Section 27(4)(b) of the Act172 Section 27(4)(c) of the Act173 Section 27(5)(a) of the Act174 Section 27(5)(b) of the Act175 Section 27(5)(c) of the Act.176 Ibid177 Section 7(b)(ii) of BN 81 of 2003© INSETA - Section 1 12a 265