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Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)

Chapter VI : Enforcement

Part 1 : Ombud for financial services providers

26. Powers of Board

 

(1) The Board may make rules , including different rules in respect of different categories of complaints or investigations by the Ombud, regarding –
(a)
(i) any matter which is required or permitted under this Act to be regulated by rule;
(ii) the category of persons qualifying as complainants ;
(iii) the type of complaint justifiable by the Ombud, including a complaint relating to a financial service rendered by a person not authorised as a financial services provider or a person acting on behalf of such first-mentioned person;
(iv) the rights of complainants in connection with complaints, including the manner of submitting a complaint to the authorised financial services provider or representative concerned;
(v) the rights and duties of any such provider or representative on receipt of any complaint, particularly in connection with the furnishing of replies to the complainant;
(vi) the rights of a complainant to submit a complaint to the Ombud where the complainant is not satisfied with any reply received from the provider or representative concerned;
(vii) the circumstances under which a complaint may be dismissed without consideration of its merits;
(viii) the power of the Ombud to fix a time limit for any aspect of the proceedings before the Ombud and to extend a time limit;
(b) the payment to the Office by the authorised financial services provider or representative involved in any complaint submitted to the Ombud, of case fees in respect of the consideration of the complaint by the Ombud;
(c) liaison between the Ombud and the registrar, and administrative duties of those functionaries regarding mutual administrative support, exchange of information and reports, other regular consultations and avoidance of overlapping of their respective functions; and
(d) any other administrative or procedural matter necessary or expedient for the better achievement of the objects of this Part, but which is not inconsistent with a provision of this Act.

[Section 26(1) amended by section 194 of Act No. 45 of 2013]

 

(2) The Board must –
(a) ensure that no rule made under subsection (1) detracts from or affects the independence of the Ombud in any material way;
(b) publish rules made under subsection (1) in the Gazette.