Sometimes things do not work out the way you would like them to and you may not be satisfied with the service or product provided by a financial services provider
The MFSA does not investigate individual complaints. However, the financial services providers we regulate must have a procedure in place for resolving disputes with their clients and respond to you within set deadlines.
To make the process easier, follow these 3 steps to making a complaint:
First Step: Lodge a complaint with your financial assets service provider
If you are dissatisfied with the financial services provider`s services you can lodge a complaint with it, briefly setting out all the facts regarding the issue and providing useful information such as date, venue and name of the contact person with the financial intermediary, the nature of the complaint and copies of any documentation supporting your complaint.
The financial intermediary has 15 working days from receipt of your complaint to submit a reply to you. Look up the provider’s website to know about its complaints handling policy.
Second Step: Submit a Complaint to the Office of the Arbiter for Financial Services
If you are dissatisfied with the financial services provider’s reply or if it doesn`t reply at all, you can refer the complaint to the Arbiter for Financial Services. The Office of the Arbiter for Financial Services (OAFS) is an autonomous and independent body.
It has the power to mediate, investigate and adjudicate complaints filed by customers against financial services providers. Consumer complaints against financial institutions licensed by the Authority may be lodged by residents and non-residents at the Office of the Arbiter for Financial Services in terms of Act XVI of 2016 – The Arbiter of the Financial Services Act, 2016.
You may contact the Office of the Arbiter for Financial Services on 80072366 or 21249245. Further details about the set-up, including information about the Arbiter’s complaint procedure are accessible from the following portal Office of the Financial Services Arbiter website – click here
The Arbiter will try mediation as the first and best option for resolving the matter. If the mediation has not been successful or has been refused, the Arbiter will start investigating your complaint. All the circumstances surrounding the complaint will then be examined and the case will be judged on its individual merits.
Third Step: Take the matter to court
Decisions reached by the Arbiter may be subject to appeal by either party to the complaint. If you do not want to accept a decision by the Arbiter, you can take your case to court. When no appeal is made by either party, the decision taken by the Arbiter becomes final and binding on all parties.