Financial services ombud no longer reconsiders decisions
Previously, if your complaint had been dismissed you could approach the ombud’s office backed with additional reasons and evidence to substantiate your request, to reconsider its decision
You can no longer ask the Ombud for Financial Services to reconsider a complaint if your complaint has been dismissed, or, if you failed to receive a favourable ruling from him after complaining to him about a financial services provider. As from the beginning of April 2018, the body that was in place to reconsider decisions of the FAIS ombud, the appeal board of the Financial Services Board, has been replaced by the Financial Services Tribunal. Previously, if your complaint was dismissed you could approach the ombud’s office to reconsider its decision backed with additional reasons and evidence to substantiate your request. A senior person at the ombud’s office would then either have confirmed the dismissal of your complaint or reopened your case. But, according to Naresh Tulsie, the FAIS ombud, when the Financial Sector Regulation Act was introduced in 2018, any request for the reconsideration of a case has to be directed to the Tribunal and the application must follow a prescribe...
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