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.
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Read moreThe National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
The previously separate credit, banking, and long-term and short-term insurance ombud schemes are now under one roof.
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
The Ombud Council also provides an update on the status of the new FAIS Ombud rules.
Financial sector participants should take note of the differences between the NFO’s Rules and the rules of the existing ombud schemes.