Secondary

FAIS Compliance Department

The functions of this department is to handle complaints and enquiries, and institute regulatory action where required. In a presentation at the FAIS Annual conference in July, it stipulated the following sources from whence it receives enquiries:

  • Investors
  • Competitors
  • Referrals from other government agencies
  • Referrals from other foreign regulators
  • Referrals from the office of the Ombud
  • Media reports
  • Other FAIS and FSB departments

The FAIS Act Regulates 20 different product types. Complaints vary in form but generally relate to:

  • Unregistered business
  • Inappropriate advice
  • Misleading of clients
  • Theft
  • Fraud
  • Other contraventions of the FAIS Act

“ The FSB has a Tip-Offs Anonymous facility whereby any person can anonymously submit a tip-off to the FSB of any suspected contraventions. Many large scale contraventions have been exposed via the facility and it is therefore considered an invaluable tool.”

The phone number is 0800 313 626, or you can e-mail information to fsb@tip-offs.com.

Anonymously, of course.

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