What is FAIS?
| Financial Advisory & Intermediary Services Act |
The FAIS act is designed to give the client protection against poor advice and to govern intermediary services i.e. how well we look after the administration or your insurances. In terms of the act, any person or institution selling a financial product or giving you financial advice for a fee or commission, must meet certain requirement in order to deal with you. They must behave honourably, professionally and with due diligence. They must provide you with appropriate advice and are subject to disciplinary procedures if they do not adhere to the FAIS act.
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| Questions to ask your Financial Service Provider (FSP) |
1) Are you registered with the Financial Services Board as a Financial Services Provider?
2) Do you have professional indemnity insurance?
3) Which company's products are you licensed to sell?
4) What products are you licensed to sell?
5) What are your staff's qualifications?
6) How will you be paid & how much?
7) How often will I see you?
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If you received inappropriate advice or your FSP or representative has not followed the proper procedures, you are entitled to complain to your intermediary and afford them the opportunity to rectify the matter. Thereafter, you can approach the Ombud for Financial Service Providers to look into the matter further. His details are as follows:
Mr. Charles Pillai
Tel: 0860-324-766
Fax: 012-348-3447
P.O. Box 74574, Lynnwood Ridge, 0040
E-Mail: info@faisombud.co.za
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| What happens if I have a dispute on a claim with the insurer? |
If you suffer a loss and your insurer repudiates your claim, and you feel that this is either unfair in view of the circumstances of the loss or incorrect based on your policy wording, you do have the right to approach the short term Ombud, who has jurisdiction to review the circumstances and make recommendations on such disputes. His authority covers both personal insurances and certain commercial insurances. Should such a situation occur, we will assist you to submit the paperwork to him. His details are as follows:
Short Term Ombud
Mr. Brian Martin
Tel: 011-726-8900
Fax: 011-726-5501
P.O. Box 32334, Braamfontein, 2017
E-Mail: info@insuranceombudsman.co.za
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| Name: |
Insurance Zone Insurance Brokers (Pty) Ltd |
Address: |
P.O. Box 2756, Bedfordview, 2008 |
FSP No: |
22895 |
Licence categories: |
Short term insurance Personal Lines |
|
Short term insurance Commercial Lines |
Compliance Officer: |
Craig Ormrod of Pretium Services |
|
Tel: 0861 2 COMPLY
0861 2 866153
or
Tel: 011-463-1573 |
|
