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Ombud

FAIS Ombud Settlement Cases

Whilst determinations by the Ombud receive wide exposure in the media, settlements are only published in her annual report.

This year, there were 1005 settlements and 68 determinations. The settlement amounts in case studies published in the report varied between R5 000 and R570 000.

The Ombud notes:

“While a decrease was seen in the number of settlements overall, from 11 504 to 1 005, the settlement value increased from R50 215 518 during 2015/2016 to R58 343 824 during the 2016/2017 financial year. This increase in settlement value is attributable to the 68 determinations that were issued, the second highest number of determinations ever issued by this Office. Last year the office issued 24 determinations.”

The increase in determinations was largely due to property syndication complaints again being heard after a lull due to legal uncertainty.

Knowing how keen most of our subscribers are on reading lengthy annual reports, we extracted these case studies for your weekend reading pleasure.

Click here to download the relevant information.

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