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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.

COMPLAINANT

COMPLAINT

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

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