The FAIS Ombud’s office aims to resolve disputes in the most expedient and conciliatory way possible, as this approach benefits consumers and the financial services providers.
The Office of the FAIS Ombud, advocate John Simpson, said it continues to see a steady increase in complaints from day trading and online trading platforms, with online trading complaints now accounting for 16.5% of all formal complaints received by the Office since April 1, 2026.
The office said 64% of online trading-related complaints they receive are about the redemption of the investment, with another 26% alleging unfair treatment. Of those complaints closed, 66% were dismissed due to a lack of reasonable prospects of success, the Office said in a statement.
“An online trading platform is not a financial product in terms of the FAIS Act as it only provides a trading mechanism, not a financial product. As the consumer executes the trades themselves entirely online, the prospect of a finding in favour of the complainant in these matters is generally very low,” the Ombudsman said.
The complaints received often involve millions of rands worth of investment losses suffered. Online day trading involves buying and selling financial instruments, such as stocks, currencies, commodities, indices, and contracts for difference (CFD), through internet-based platforms.
