Value Proposition

Experience gained by the founder members of the FAIS Ombud’s complaints handling processes is an extremely valuable quality. Articles related to rulings by the FAIS Ombud confirm that the majority decisions were made in favour of the claimant. These rulings were often overturned by the Tribunal, that supports the conclusion that errors in judgement are sometimes made in respect of process or merits, to the detriment of the financial advisor. Ubuncwane aims to assist and guide the financial advisor in addressing complaints, which will in turn afford the financial advisor precious time to proceed with his or her day-to-day business. Initially, the complaint is addressed directly with the client, or Ombud, and through this process Ubuncwane builds a para-legal file which could, if need be, utilised for any following legal process.

By drafting and compiling the correct documentation and identifying the legal team, the cost for the financial advisor will be much less than in normal circumstances, and the probability of success much higher.

For financial advisers to avoid or mitigate the possibility of client complaints or regulatory action by regulators, we will assist in understanding and implementing regulatory compliance provisions that underpin the essence of the functions of the financial advisor. The interpretation of law is best left in the hands of experts in this field.

Ubuncwane will, if needed, lodge class actions to protect the financial advisor. As our name indicates, Ubuncwane treasures the valuable role of the financial advisor and will do everything reasonably possible to prevent this ‘species’ from becoming extinct.

Benefits

Ubuncwane offers the following benefits:

• Service provider due diligence on new proposed services
• Free consultations and support for members to ensure that the response processes are in line with existing FAIS Ombud complaint processes
• Regulatory compliance support
• Submission of support documentation in order to safeguard the compliance officer’s objectivity
• Complying with any requests from the Regulator and FAIS Ombud to achieve favourable rulings
• In the event of an adverse ruling, support will be provided to draft the para-legal file and a pre-qualified legal team will be briefed, should the case be referred to a Tribunal
• Continuation of current practice opportunities will be ringfenced within the association to ensure exclusivity for existing members
• Recognition as an association that can liaise with the Regulator directly to the benefit of members’ interests
• A collective voice provides the association with bargaining power and influence

Unique Features

• Comprehensive regulatory compliance and fiduciary support services.
• Expert support to the financial advisor against client and regulatory complaints
• Training offered to pro-actively prevent possible future claims or mitigate adverse outcomes from complaints.
• Access to pre-qualified service providers who offer superior services.
• Support to existing compliance systems.
• Expert knowledge of the financial services industry and related legislation.
• Updates on case law and Tribunal turnovers.

The Need

For many years, financial advisors had a need for appropriate assistance in handling client complaints. Professional bodies, most compliance companies and compliance officers are reluctant to get involved in the merits of complaints and responses thereto, for obvious conflict of interest or objectivity reasons. Seeking the help of experts in law comes at substantial costs and can be time consuming. The financial advisor is then at a loss when faced with a complaint.

The Solution

If you treasure (meaning of “Ubuncwane”) your legacy, if you treasure your skills, dreams and your Industry, join Ubuncwane Association today. You will enjoy the protection and support of like-minded professional individuals that you may not have receive from your peers.

Industry Related Challenges

• On-going changes in legislation
• Risk management and controls
• Compliance obligations and policies
• Appropriate advice giving
• Unfounded client/FAIS Ombud and regulatory complaints
• Data privacy
• Managing Client Expectations.
• Lack of group support
• Ethics and conduct regulations
• Cyber security
• Consumer protection provisions
• Financial soundness
• Credit management
• Market volatility

Over the years clients have become more conscious about their rights in respect of incorrectand inferior financial advice giving, and therefore, the escalation in complaints directed at financial advisors. Let us help you face and handle the challenges mentioned above.