FSCA announces proposed levy increase for 2025/26
The increase is below the 6% CPI-related increase permitted by the Levies Act.
#OmbudCouncil
Videos
Watch: FPI Financial Planner of the Year on key issues shaping the financial landscape
Animated video explains the two-pot retirement system
NCA Credit providers’ FICA obligations
NCR Desktop Audits
Is South Africa on track to getting off the grey list?
Looking back at this year’s FPI Professional’s Convention
Enhance your HR skills by attending our insightful webinars in November
Webinars on how to investigate misconduct and address poor performance
Ombud Council’s first formally tabled report highlights reforms in financial dispute resolution
Key achievements include the creation of the National Financial Ombud Scheme and the new FAIS Ombud Rules.
Consumers should inform themselves before they transact, says FAIS Ombud
The Office has sorted out the ‘embarrassing’ backlog of cases John Simpson inherited and has set timeframes for resolving complaints.
Changes to aspects of FAIS Ombud’s approach to handling complaints
The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.
Key aspects of Treasury’s proposals to reform SA’s financial ombud system
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
New National Financial Ombud scheme launches
The previously separate credit, banking, and long-term and short-term insurance ombud schemes are now under one roof.
Existing financial ombud system is ‘too complex’ for consumers to navigate
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
Ombuds will handle cases involving disputes of fact or law and award compensation
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
New implementation date for National Financial Ombud
The Ombud Council also provides an update on the status of the new FAIS Ombud rules.
National Financial Ombud set to start in January 2024 – draft rules and MOI published
Financial sector participants should take note of the differences between the NFO’s Rules and the rules of the existing ombud schemes.
