The Ombud Council recently published Rules for the Ombud for Financial Services Providers which took effect on 1 July 2024.
The Rules revoke the previous Rules on Proceedings of the Office of the Ombud for Financial Services Providers, 2003, published under the former Financial Services Board.
The new Rules increase the amount of compensation that the FAIS Ombud may award for a particular kind of financial prejudice or damage from the previous long-standing maximum of R800 000.00, to a
maximum of R3 500 000.00.
The Rules also updated outdated terminology, refine aspects of the FAIS Ombud’s jurisdiction, and effect process improvements based on practical experience of the FAIS Ombud.
Click here to read the Information Notice and the Ombud Council Rules.