Fais Ombud – A Toothless Tiger with no Real Power?

20 Sep

Author Self


Date Published: 20 September 2012

As the RVAF saga draws on, the role of the FSP and Fais (ombud) is even more unclear than 3 months ago. We heard that Herman Pretorius was or was not registered with the FSB, but would that have helped?

First we saw a declaration from them, washing their hands in innocence:

Herman Pretorius: Clarity on the Financial Services Board’s investigation

FSB explains its probe into Herman Pretorius

and seems that if they do make a ruling, its not enforcable!

Rogue broker ignores Fais Ombud

JOHANNESBURG – A victim of bad financial advice is struggling to enforce a Fais Ombud ruling.

The Ombud ruled in McCarter’s favour on November 4 2010. (Click here to download a copy of the determination). Van der Merwe was ordered to pay McCarter R660 000 with interest of 15.5%, beginning from October 2008.

McCarter’s difficulties in enforcing the Ombud’s ruling may be a common theme for other victims of bad advice.

Garek broker unfazed, unrepentant

Ordered to refund three more investors, broker continues to peddle shares.

JOHANNESBURG – In the face of fresh punishment, rogue financial adviser Andre van der Merwe is unfazed and unrepentant.

What’s you’re thoughts?


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