The office of the FAIS Ombud has released its latest annual report. The report includes a note by the Minister of Finance, a report by the Chairperson of the Board of the FSB as well as the Ombud’s operational report which provides trends in respect of findings for the year 2015/2016.
The Minister of Finance commented that the enforcement of strict internal controls and risk management practices has resulted in the achievement of the Office’s strategic goals for the 2015/2016 financial year. There was an increase in the number of justiciable complaints received in the 2015/2016 financial year from 3 699 to 4 263 . He stated that this increase is indicative of a growing awareness amongst South Africans of this ombud system.
The rand value of settled and determined cases stood at R50.2 million at the end of the 2015/2016 financial year and it is anticipated that these numbers are likely to increase as the Office of the FAIS Ombud strengthens its visibility and reputation.