According to Justus van Pletzen, CEO of the FIA, the new FIA Watchdog facility aims to further enhance the current efforts of the FIA in assisting the regulators and the wider industry in vesting an ever-growing culture of professionalism in the financial services industry. "The establishment of the FIA Watchdog facility serves as confirmation that the FIA and its members are eager to enforce and ensure compliant rendering of financial advice and intermediary services to consumers.
"Any matters reported to the FIA Watchdog will be immediately investigated, following which either a solution will be proposed or the matter will be referred to the appropriate FIA executive committee, regulatory body or industry association for further investigation and action. The FIA will then publish the outcome on its website which will serve as an information centre to FIA members who may encounter similar or related matters," says Van Pletzen.
He says the FIA will take all necessary and appropriate action on any industry related irregularity and non-compliant activity of any provider, product or services supplier or intermediary. "The facility is therefore not aimed at resolving issues of a personal nature. The test for a complaint will be whether, in an objective light, the industry at large or clients may be prejudiced by the actions or failure to act, of individuals or institutions."
FIA members are encouraged to refer any matters to the FIA directly for action instead of approaching the Financial Services Board (FSB) or industry bodies individually, says Van Pletzen. "Any report made to the FIA Watchdog will be confidential and the anonymity of the complainant will be preserved, if so requested. However, it is important to bear in mind that should further investigation be required, the regulator or industry body may need the particulars of the complainant."
