Unit Standard No.12164Page 149
HOW COMPLAINTS ARE HANDLED BY THE INDUSTRY, WITH REFERENCE TO FINANCIAL SERVICES BOARD DIRECTIVES
The following definitions from the Act, clearly defines who a complainant is, what a complaint is and what procedures and systems must be in place to ensure compliance with FAIS regarding complaints handling.
A specific client who submits a complaint to the Ombud
A specific complaint relating to a financial service rendered by a financial services provider or representative to the complainant on or after the date of commencement of this Act, and in which complaint it is alleged that the provider or representative-
(a) has contravened or failed to comply with a provision of this Act and that as a result thereof the complainant has suffered or is likely to suffer financial prejudice or damage;
(b) has wilfully or negligently rendered a financial service to the complainant which has caused prejudice or damage to the complainant or which is likely to result in such prejudice or damage; or
(c) has treated the complainant unfairly.
INSMAT final materials31/10/03