FAIS Ombud releases its Annual Report for the financial year 2017/2018
The Office of the FAIS Ombud released its 2017-2018 Annual Report. The Annual Report provides a review of the performance of the Office of the FAIS Ombud as well as reports on its financial affairs.
The Annual Report for the 2017/2018 financial year reflects that the Office received a total of 10 211 new complaints a slight reduction from the 10 846 received during the 2016/2017 financial year. This is the second consecutive year that this Office has received more than 10 000 complaints within one financial year, which also saw this Office once again resolve in excess of 10 000 complaints, with a total of 10 542 complaints in total having been resolved.
The quantum of settled / determined cases also showed an increase from R 58 343 824 in 2016/2017 to R60 889 786 in 2017/2018. Of the 10 211 complaints received during the financial year, a total of 7969 were justiciable matters, in that they fell within our mandate. Of the complaints received, a total of 4749 complaints were dismissed and 2687 were referred to the appropriate fora.
It must be appreciated that whilst only 883 complaints received during the 2017/2018 financial year were resolved in favour of the complainant, the referral of complaints to other fora remains an important aspect of the service provided by this Office in assisting complainants with access to justice. Furthermore, the dismissal of complaints is not done without the required due skill, care and consideration of the facts, to ensure that as far as possible the correct decision is made that is equitable in all circumstances.
At 31.8% complaints with regards to short term insurance formed the majority of complaints received, together with long term insurance at 30.4%. Complainants domiciled in Gauteng remained the source of the majority of complaints received by this Office, with 41.8% of all complaints being received from this province, which was followed by the Western Cape and Kwa-Zulu Natal at 14.5% and 14.3% respectively.
The Office of the FAIS Ombud would like to acknowledge the many entities and individuals who assist the Office in achieving upon its mandate.
