Definition of a FAIS Complaint
Can be defined as a specific complaint relating to a financial service rendered by a financial services provider or representative to a client on or after the date of commencement of the FAIS Act, and in which complaint it is alleged that the provider or representative:
- has contravened or failed to comply with a provision of the FAIS Act and that as a result thereof the client has suffered or is likely to suffer financial prejudice or damage;
(aa)This includes allegations by a client against The Hub that:
- the benefits of the product in question were not properly explained at point of sale;
- the policy documents were not delivered and received by the client;
- there’s not enough information with regard to the lodging a claim or premium payment and frequency thereof; or
- 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
(bb) This applies to allegations that The Hub has:
- acted without the client’s knowledge or consent:
- cancelled a policy without the client’s knowledge/consent;
- effected any policy change without the client’s knowledge/consent
- has treated the complainant unfairly;
(cc) This includes allegations that:
- the client has not had a timely resolution to client query/objection:
- A claim has been repudiated and the client is not satisfied with the reasons for repudiation
This policy applies only to complaints by clients alleging that The Hub:
- has contravened or failed to comply with a provision of the FAIS Act and that as a result thereof the complainant has suffered or is likely to suffer financial prejudice or damage;
- has wilfully or negligently rendered a financial service to the complainant and has caused prejudice or damage to the complainant or which is likely to result in such prejudice or damage; or
- has treated the complainant unfairly.
How to Lodge a complaint?
A complaint must be submitted in writing to; Private Bag X03, Mount Edgecombe, Durban, 4300 or it can be emailed to; HubFinancialServices@hub.co.za, who in turn will refer to the key individual. The complainant must set out all the relevant information and attach all applicable documentation to enable the key individual to resolve your complaint timeously and without delay.
- Once the complainant’s identity document is received by the key individual, you may expect an acknowledgement of receipt, within 36 hours of receipt of the written complaint;
- The acknowledgement will provide you with details of the person who will be attending to your complaint;
- You may expect a resolution to the complaint within 6 weeks of receipt of your complaint.
Referral of the Complaint to the FAIS Ombudsman
- Should a resolution reached by The Hub not be to your satisfaction, the you have six months within which to submit a complaint to the FAIS Ombudsman.
- The FAIS Ombudsman will not investigate a complaint if, it the claim is above R800 000; before the date of receipt of the complaint by the FAIS Ombudsman, or during an investigation by the FAIS Ombud, the complainant institutes proceedings in a court regarding the subject matter of the complaint.
The FAIS Ombudsman’s contact details are:
Financial Services Board, P O Box 74571, Lynwood Ridge 0040.
Telephone: 012 470 9080
Facsimile: 012 348 3447
E-mail Address: firstname.lastname@example.org