What this page covers
South Africa has several financial ombudsman schemes, and taking a complaint to the wrong one costs months. Which applies depends on what the complaint is about, not who you are complaining about.
| 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 |
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⬇ Download CSVHow these figures work
The figures on this page come from the body that publishes them and change on a schedule rather than continuously, which is what makes them worth keeping in one place. The single most important thing about all of these schemes is that they only reach licensed South African entities. Using an offshore broker puts you outside every one of them.
The National Financial Ombud consolidated the banking, credit, life and non-life schemes from March 2024. A complaint about a bank account no longer goes to a separate banking ombudsman.
★ What this means in practice
An ombud determination against a firm is binding on the firm and can be enforced as a court order.
✕ Common mistakes
- The single most important thing about all of these schemes is that they . The single most important thing about all of these schemes is that they only reach licensed South African entities. Using an offshore broker puts you outside every one of them.
- The National Financial Ombud consolidated the banking, credit, life and . The National Financial Ombud consolidated the banking, credit, life and non-life schemes from March 2024. A complaint about a bank account no longer goes to a separate banking ombudsman.
- An ombud determination against a firm is binding on the firm and can be . An ombud determination against a firm is binding on the firm and can be enforced as a court order.
- Taking a figure without its date. A number from a reference page is only as good as when it was last checked, which is why the date sits at the top of this one.
Notes on reading these figures
- The single most important thing about all of these schemes is that they only reach licensed South African entities. Using an offshore broker puts you outside every one of them.
- The National Financial Ombud consolidated the banking, credit, life and non-life schemes from March 2024. A complaint about a bank account no longer goes to a separate banking ombudsman.
- An ombud determination against a firm is binding on the firm and can be enforced as a court order.
To put these figures to work, The FAIS Ombud Complaint Process runs the arithmetic on your own numbers; How to Verify an FSP Licence covers the same ground in ordinary language; Financial Services Tribunal goes into the detail this table only summarises; Broker asset protection schemes is the related figure worth reading beside it; and FSCA Enforcement and Penalties covers what this page leaves out.
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Frequently asked questions
Which ombudsman handles a broker complaint?
The FAIS Ombud, where the complaint concerns advice or intermediary services by a licensed FSP.
What is the maximum the FAIS Ombud can award?
R800,000.
Can I complain about an offshore broker?
No. Every South African scheme reaches only licensed South African entities.
How long do I have?
Generally three years from becoming aware of the cause of the complaint.
Do I have to complain to the firm first?
Yes, and give it about six weeks to resolve the matter before escalating.
Is a determination binding?
Yes, on the firm, and it can be enforced as a court order.