| Scheme | Covers | Maximum award |
|---|---|---|
| FAIS Ombud | Advice and intermediary services by an FSP | R800,000 |
| National Financial Ombud | Banking, life insurance, non-life insurance, credit | Varies by product |
| Pension Funds Adjudicator | Retirement fund complaints | No fixed cap |
| Tax Ombud | SARS service and administrative complaints | Not monetary |
| Credit Ombud | Now part of the National Financial Ombud | Varies |
| Step | Requirement |
|---|---|
| Complain to the firm first | Give it a reasonable chance to resolve the matter |
| Wait period | Usually six weeks from the firm's receipt |
| Time limit | Within three years of becoming aware of the cause |
| Form | In writing, with supporting documents |
| Cost | Free to the complainant |
| Situation | Why not |
|---|---|
| The broker is unlicensed | Outside the scheme's jurisdiction |
| The broker is offshore | No jurisdiction over a foreign entity |
| You lost money on a trade that went against you | Loss is not the same as misconduct |
| The complaint is about a product's performance | Not a service or advice failure |
| The matter is already in court | The ombud will not run a parallel process |
Data maintained by TradeAnswers · updated as the figures change