January 31, 2023

According to South Africa’s Office of the FAIS Ombudsman, an independent dispute resolution office, individuals with crypto-related complaints that occurred after October 19, 2022 can now formally file such complaints on the agency’s website. However, the FAIS ombudsman’s office stressed that all complaints made before crypto assets would not be designated as financial products and should not be submitted again.

Code of Conduct for Crypto Asset Service Providers

– Advertisement –

The South African government agency that investigates and resolves complaints in terms of the Financial Advisers and Intermediaries Services (FAIS) Act recently said it can now “investigate complaints against existing registered financial service providers who offer advice on cryptocurrency”. Huh.” According to the agency, known as the Office of the FAIS Ombudsman, the recent designation of crypto assets as financial products has made this possible.

– Advertisement –

in a news article published On its website, the dispute resolution agency said that crypto-related complaints can only be filed against registered financial service providers (FSPs), who must comply with the country’s general code of conduct for authorized FSPs. This code requires “material disclosure, analyzing needs and recommending a product best suited to one’s needs and circumstances”.

Only three complaints filed

– Advertisement –

However, not all complaints lodged with the FAIS ombudsman’s office prior to the Financial Sector Conduct Authority’s crypto asset designation will be considered, according to commentary by the agency’s Thuso Ngwagwe, published by MoneyWeb. In the report, Ngwagwe repeated the agency’s claim that it lacked jurisdiction.

Ngwagwe reportedly said, “All complaints received before 19 October 2022 regarding investments made in cryptocurrencies were dismissed by this office as we did not have jurisdiction to consider these matters.”

See also  Amazon Founder Jeff Bezos Advises What Consumers and Businesses Should Do as Recession Looms

According to Ngwagwe, the FAIS ombudsman’s office received a total of eight complaints related to cryptocurrencies during the 2022/23 fiscal year. However, only “three have happened and will happen after 19th October 2022 [therefore] be considered.” Ngwagwe said the rest of the complaints would not be considered and could not be submitted again.

For individuals with complaints that fall within their jurisdiction, the Office of the FAIS Ombudsman recommends visiting its portal and making a formal complaint.

Register your email to receive weekly updates on African news sent to your inbox:

What are your thoughts on this story? Tell us what you think in the comments section below.

disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services described in this article.