Vacancies at FAIS Ombud SA

Purpose of the Job: 

• The objective of the role is to consider and assess client complaints against financial services providers in a procedurally fair, informal, economical, and expeditious manner. Applications are sought from dynamic, experienced leaders with proven experience in the financial sector and a track record of effective team management and results-driven leadership at the executive or senior management level. The candidate should be experienced in financial sector regulatory issues, adjudication and interpretation of laws, alternative dispute resolution, and the promotion of the fair treatment of financial customers.
• The person must also have extensive experience operating at the executive management level. It will be an advantage if the candidate has international knowledge or experience in financial regulation or supervision. The Office of the FAIS Ombud is required to contribute to ensuring that the South African financial services industry has integrity, works in the interests of financial customers, and supports balanced and sustainable economic growth in the Republic. Where the pre-emptive provisions of specific financial sector laws such as the Financial Sector Regulation Act and the FAIS Act have failed to ensure the protection and fair treatment of financial customers through the prescriptive duties imposed on providers of financial services, the Office of the FAIS Ombud, along with other industry Ombud schemes, should play a pivotal role in the adjudication of any complaints from financial customers that flow from their treatment by financial services providers.

Some key outputs include:

• Working closely with the FAIS Ombud, responsible for the day-to-day management and administration of the Office of the FAIS Ombud, including ensuring that the office has adequate skills and resources to meet its mandate and objectives Drafting and issuing determinations Leading, coaching, inspiring and mentoring senior members of the technical team to provide excellent service, achieve business goals and build team capacity for the future Monitoring the achievement of fair customer outcomes in the financial services sector and taking steps to mitigate conduct risks and abusive market practices Resolving complaints.

Requirements

Qualifications and experience:

• Matric. A relevant postgraduate degree in law (NQF Level 8) recognised by SAQA. Attorney, Advocate, or an ex-judge A minimum of 10 years of relevant financial sector and senior management experience, preferably with some exposure to financial consumer protection, adjudication, and interpretation of law, and exposure to alternative dispute resolution approaches. Thorough knowledge of financial sector laws, particularly the FAIS Act and its subordinate legislation.

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 Key Performance Areas

• Register new complaints.
• Assess whether a complaint falls within jurisdiction in terms of the FAIS Act or the Financial Services Ombuds Scheme Act 37 of 2004 (FSOS).
• Assist and guide complainants in determining whether their complaint falls within the jurisdiction of the FAIS Act.
• Extract the essence of the complaint from available information provided and request additional information where required.
• Refer complaints that do not fall within the jurisdiction of the FAIS Act and FSOS Act to other relevant entities.
• Liaise with complainants and financial service providers

Requirements

• Matric certificate or equivalent
• National Diploma in Business Administration or related fields. (A legal qualification will be an added advantage)
• Minimum of 1 - 3 years’ experience in a regulatory or compliance-driven environment in the financial services sector.
• Minimum of 1-3 years' experience in customer service.
• Experience using customer relationship management (CRM) software.
• An understanding of the legal environment in which the FAIS Ombud’s Office operates, including a good knowledge of the FAIS Act, 37 of 2002, and its subordinate legislation.
• A thorough understanding of the FAIS Ombud’s jurisdiction and the jurisdiction of other Ombuds Schemes. Knowledge of the financial planning environment.