The Office of the FAIS Ombud launches its Annual Report for the 2022/2023 Financial Year. The launch of this year’s annual report will be virtual utilising this Office’s social media platforms, and it will provide information on the performance of the Office of the FAIS Ombud during the financial year as well as its financial affairs.

“The year was a challenging one indeed as there were many issues within the Office that required urgent attention. Numerous key staff vacancies made it especially difficult for the Office to deliver on its mandate. Progress was made in filling the Deputy Ombud position (which has been vacant for many years) and the Human Resources manager and Assistant Ombud positions,” said Advocate John Simpson, the Ombud for Financial Services Providers.

Advocate John Simpson went on to state that “The Office’s aim is to resolve disputes in the most expedient and conciliatory way possible, as this approach benefits both consumers and the Financial Service Providers.

Determinations are regarded as a last report option which should only be used if all other efforts to resolve the matter have failed. In achieving this aim, it was not necessary for the Office to issue any determinations for the financial year. Disputes were resolved by ongoing interaction and discussion with the parties. The cooperation by the FSPs in this regard is appreciated and commended.”

Report by the FAIS Ombud