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Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)

Board Notices

Specific Code of Conduct for Authorised Financial Services Providers and Representatives conducting Short-term Deposit Business, 2004

Part V : Complaint Resolution

13. Resolution of complaints


The internal complaint resolution system and procedures of the provider, excluding a representative, must be designed to ensure the existence and maintenance of at least the following for purposes of effective and fair resolution of complaints:


(a) Availability of adequate manpower and other resources;


(b) adequate training of all relevant staff, including imparting and ensuring full knowledge of the provisions of the Act, the Rules and this Code with regard to resolution of complaints;


(c) ensure that responsibilities and mandates are delegated to facilitate complaints resolution of a routine nature;


(d) ensure that there is provision for the escalation of non-routine serious complaints and the handling thereof by staff with adequate expertise;


(e) internal follow-up procedures to ensure avoidance of occurrences giving rise to complaints, or to improve services and complaint systems and procedures where necessary; and


(f) no levying of any fee on any client for the utilisation by the client of the internal complaint resolution system and procedures of the provider, nor for any efforts of the provider to facilitate and resolve any complaint.