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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 14 : Ombuds

Part 1 : Ombud Council

184. Role of Board

 

The Board must—

(a) generally oversee the management and administration of the Ombud Council in order to ensure that it is efficient and effective;
(b) appoint members of committees of the Ombud Council required or permitted by a law, and give directions regarding the conduct of the work of any committee;
(c) make determinations of fees in terms of a financial sector law;
(d) keep the Minister informed of—
(i) compliance by ombud schemes with the financial sector laws in so far as they relate to ombud schemes;
(ii) trends in the nature of complaints and issues raised in complaints that ombud schemes are dealing with, and how those types of issues and complaints are being dealt with; and
(iii) the conduct of financial institutions that is giving rise to complaints to ombud schemes;
(e) keep the financial sector regulators informed of the conduct of financial institutions that is giving rise to complaints to ombud schemes; and
(f) address any other matter assigned in terms of a financial sector law to the Board.

 

[Section 184 to take effect on 1 April 2020, per Notice No. 1130 of 2019, GG 42677, dated 30 August 2019]