Faisombud

You are protected—but you also have a role to play! When you enter a contract with a bank, insurer, credit provider, or have an investment or pension fund ensure that you understand your duties; read the fine print, ask questions and keep the evidence. However, if you feel you have been treated unfairly, the financial ombud system: @OPFA_SA, @faisombud, @NFO_Ombud , is there to assist, for FREE—and we are overseeing them! Use your Rights. #OmbudCouncil #ConsumerRightsMonth #WRCD #WorldConsumerRightsDay

Tonight! Remember to tune in to Lesedi FM as the Ombud Council's Lesego Senne-Sibilanga highlights the importance of knowing your financial rights and where you can go for fair and free financial dispute resolution. 🗓 26 March 2026 ⏰ 20:45 – 20:55 📻 listen.lesedifm.co.za/listenlesedifm/ #OmbudCouncil #ConsumerRightsMonth #WCRD #WorldConsumerRightsDay @faisombud @NFO_Ombud @OPFA_SA @fscasouthafrica @fm_lesedi @LesediFM

Financial justice shouldn’t come with a price tag. This #ConsumerRightsMonth, we’re highlighting one of the most important features of the South African financial ombud system overseen by the Ombud Council: it is completely free for consumers. Whether you are dealing with an unfairly rejected insurance claim, unresolved banking error, inappropriate funny advice or a pension fund dispute, you have access to expert, impartial dispute resolution with the @OPFA_SA, @faisombud or the @NFO_Ombud are here to help with the relevant dispute, at no cost. Know your Rights. #OmbudCouncil #WCRD #ConsumerRightsDay

Financial advice occurs when an authorised financial service provider (FSP) recommends that you buy, change, keep, or cancel a financial product based on your personal needs, financial situation, or financial goals. If the advice provided to you was inappropriate, misleading, or caused financial prejudice, and your complaint remains unresolved after first approaching the FSP, the FAIS Ombud may be able to assist. The FAIS Ombud can only assist where financial advice or intermediary services were provided by an authorised FSP. Lodge your complaint here: faisombud.co.za or call (012) 762 5000; Sharecall 086 066 3274 for assistance.

When seeking financial advice, you have the right to receive trustworthy and suitable recommendations. The provider must first conduct a thorough needs analysis to understand your goals and situation. If the advice doesn't feel right, don't hesitate to ask questions or get a second opinion. Your financial wellbeing is what matters most. #FinancialAdvice #ConsumerEducation

Your personal and financial information should be kept private and secure. Financial service providers can only use your data for the purpose it was provided. If you ever feel your privacy has been compromised, speak up, you have the right to data protection. Safeguarding your information is crucial. #ConsumerPrivacy #FinancialServices

Protecting the Integrity of the Financial Ombud System. While we don’t handle individual disputes, we make sure the trust you place in the system is well-placed. The Ombud Council ensures that financial ombud schemes like the @NFO_Ombud, @OPFA_SA, JSE and @faisombud are independent, fair, and legal. Use your Rights. #OmbudCouncil #ConsumerRightsMonth

As a consumer, you have the power to protect yourself when dealing with financial service providers. One of your key rights is to receive clear information about the adviser, their authorised products, commission rates, and grievance procedures. Don't be afraid to ask for the "Disclosure and Appointment Letter”, it's your right to have these details upfront. #ConsumerRights #financialliteracy

During World Consumer Rights Month, the Office of the FAIS Ombud reminds consumers that you have the right to receive clear and appropriate financial advice before making important financial decisions. Financial advisors must explain: • the terms and conditions of financial products • any risks or exclusions • requirements that may affect your benefits Understanding these details can help you make informed financial decisions and avoid future disputes.

As part of World Consumer Rights Month, the Office of the FAIS Ombud participated in a consumer outreach programme at Ga-Mothiba Village within the Polokwane Local Municipality, alongside several other consumer protection and regulatory bodies. The outreach provided an opportunity to engage directly with community members and raise awareness about consumer rights, particularly the importance of understanding financial advice and knowing where to seek help if things go wrong.

CGSO CEO Ms Queen Munyai joined fellow panellists at the World Consumer Rights Day 2026 celebrations at the University of Limpopo to discuss curbing unfair business practices and strengthening consumer redress. Together, we’re turning the tide. 🌍 #WCRD2026

PRESS RELEASE: The FAIS Ombud recently dealt with a complaint where a motor insurance claim was declined because the tracking device installed in the vehicle did not meet the insurer’s required specifications. This case highlights the importance of financial advisers clearly explaining policy conditions to clients. Consumers should always ensure they understand what their insurance policy requires before a loss occurs.

The FAIS Ombud joined the Financial Sector Conduct Authority’s Financial Literacy outreach at the University of Limpopo, where we spent two days engaging students on consumer rights, informed financial decisions, and the support available when challenges arise.

Feeling pressured to sign quickly? No mention of exclusions? Promised 'guaranteed returns'? Take your time, understand the product before committing!

That single question can shape the advice you receive. Before committing to an annuity, ask your adviser to explain: - What happens to the income on death? - Are beneficiaries protected? - Is there a guaranteed term? - What alternatives are available? If these discussions did not meaningfully take place and financial harm followed the FAIS Ombud may assess whether the advice process was fair. Read more here bit.ly/4b8FB6B

Not all annuities work the same way. - Some stop completely at death. - Some provide for beneficiaries. - Some include guaranteed periods. If these differences are not clearly explained, families may only discover the impact later, when decisions can no longer be changed. In a matter recently resolved by the FAIS Ombud, actuarial calculations showed that under a different annuity structure, the surviving spouse could have received over R400,000. Read more here bit.ly/4b8FB6B

Retirement planning requires careful consideration. Our latest release highlights a recent settlement involving a life annuity policy, showing how unsuitable advice can have serious consequences for retirees and their dependants. Full statement here:

We were delighted to have joined the Financial Sector Conduct Authority (FSCA) for an engaging workshop with the community, SMMEs, and Enterprise Development at the Delft Community Centre in Cape Town. It’s always inspiring to see communities empowered with knowledge. Thank you to the FSCA for making this possible! #FAISOmbud #FSCA #FinancialEducation