The ombuds are on your side

Commenting on the two reports, Finance Minister Pravin Gordhan says the increase in the number of justifiable complaints received by the Financial Advisory and Intermediary Services (Fais) ombud’s office in the 2015/16 financial year from 3 699 in the preceding year to 4 263 is indicative of a growing awareness among South Africans about the ombud system.

The office of the Pension Funds Adjudicator finalised 9 970 complaints over the past year, compared with 6 331 the previous year. There were 3 475 determinations made – an increase of 20.74% year-on-year.

However, Pension Funds Adjudicator Muvhango Lukhaimane notes that it is still a cause for concern that at least 70% of the complaints relate to withdrawal benefits, pointing to inefficiencies in fund administration processes.