When things go wrong with a financial product from a regulated financial services company, you have recourse through a variety of ombudsmen, adjudicators and regulators.
Some of the ombudsmen’s offices are set up voluntarily and financial institutions agree to abide by their rulings.
The Pension Funds Adjudicator and the Ombud for Financial Services Providers (FAIS Ombud) are statutory bodies. This means that they are set up by law. If these institutions make a ruling and the parties do not abide by the ruling, a court can be asked to act on that failure.
While the Pension Funds Adjudicator can hear complaints about most retirement funds, the office does not have jurisdiction over pension funds that are created by their own laws, like the Government Employees Pension Fund (GEPF).
The Financial Sector Conduct Authority (FSCA) is the regulator for most financial services to whom you can report irregularities, but complaints are best addressed to the relevant ombuds.
Two kinds of financial products – credit agreements and medical schemes – are regulated by institutions set up by law. These regulators also deal with complaints. Credit providers fall under the National Credit Regulator to whom you can complain about a credit provider and medical schemes under the Council for Medical Schemes to whom you can complain about a medical scheme or an administrator.
The tax ombud has also been created by law to deal with complaints about how the South African Revenue Service administers tax legislation. The ombud will attempt to resolve your issue with SARS, but the office’s recommendations are not binding on either SARS or you, as a taxpayer.
Here’s a list of the ombuds, adjudicators and regulators and how to get hold of them:
If you have a complaint about your bank:
The Ombudsman for Banking Services
Ombud: Reana Steyn
Call: 0860 800 900
Email: info@obssa.co.za
www.obssa.co.za
If you have a complaint about a credit bureau or concerning a credit agreement
The Credit Ombud
Ombud: Howard Gabriels
Call: 0861 662 837
Email: ombud@creditombud.co.za.
www.creditombud.org.za
If you have a complaint about a credit provider or a debt counsellor
National Credit Regulator
CEO: Nomsa Motshegare
Call: 0860 627 627
Email: complaints@ncr.org.za (about a credit provider) or dccomplaints@ncr.org.za (about debt counsellors)
www.ncr.org.za
If you have a complaint about a financial adviser or a company that has given you bad financial advice
The FAIS Ombud / the Ombud for Financial Services Providers
Ombud: Nonku Tshombe
Call: 012 762 5000
Email: info@faisombud.co.za
www.faisombud.co.za
If you have a complaint about an entity that is providing a financial services that does not fall within the jurisdiction of any of the existing ombudsmen or adjudicators
The Financial Sector Conduct Authority
Commissioner: Unathi Kamlana
Call: 0800 203 722
Email: complaints@fsca.co.za
www.fsca.co.za
If you have a complaint about a life assurance policy
The Ombudsman for Long-term Insurance
Ombud: Judge Ron McLaren
Call: 0860 103 236
Email: info@ombud.co.za
www.ombud.co.za
If you have a complaint about your medical scheme or medical scheme administrator
The Council for Medical Schemes
Chief executive and registrar: Dr Sipho Kabane
Call: 0861 123 267
Email: complaints@medicalschemes.com
www.medicalschemes.com
If you have a complaint about your retirement fund
The Pension Funds Adjudicator
Adjudicator: Muvhango Lukhaimane
Call: 012 748 4000 or 012 346 1738
Email: enquiries@pfa.org.za
www.pfa.org.za
If you have a complaint about a short-term insurance policy covering your car, home, your household contents or mobile phone.
The Ombudsman for Short-term Insurance
Ombud: Judge Ron McLaren
Call: 0860 726 890
Email: info@osti.co.za
Website: www.osti.co.za
If you have an administrative or procedural complaint against the South African Revenue Service (SARS).
The Tax Ombud
Ombud: Judge Bernard Ngoepe
Call: 0800 662 837
Email: complaints@taxombud.gov.za
www.taxombud.gov.za
