On 24 May 2021, the Ministry of Finance released a media statement announcing the appointment of the first Ombud Council Board Members, as well as the Chief Ombud for the Council. This gives effect to the new Ombud system in terms of the Financial Sector Regulation Act No. 9 of 2017 (FSR Act).
The Ombud Council is established in terms of the FSR Act and the objective of the Ombud Council is to assist in ensuring that financial customers have access to, and are able to use affordable, effective, independent, and fair alternative dispute resolution processes for complaints about financial institutions in relation to financial products, financial services and services provided by financial infrastructures.
Ms Eileen Meyer has been appointed as a Chief Ombud for the Ombud Council as a transitional measure, so that the Ombud Council can commence operations, as well as to enable the Board to commence the process to appoint a full-time Chief Ombud. This follows the appointment of the first Board of Directors, which will be effective for a three-year term, and which commenced on the 1st of November 2020.
The Council consists of the following Board of Directors:
- Deanne Wood (Chairperson)
- Adv Dikeledi Chabedi (Vice Chairperson)
- Emmanuel Lekgau
- Silindile Kubheka
- Adam Horowitz
- Charmaine Soobramoney
- Katherine Gibson (Acting FSCA Commissioner), who will serve on the Board of Directors until Mr Unathi Kamlana assumes office as the recently appointed full-time Commissioner.
The Ombud Council will have oversight powers over both statutory and industry Ombuds, namely:
- Office of the Pension Fund Adjudicator
- Office of the Ombud for Financial Services Providers (FAIS Ombud)
- Office of the Credit Ombud
- Ombudsman for Long – Term Insurance
- Ombudsman for Short – Term Insurance
- Ombudsman for Banking Services
- Johannesburg Stock Exchange Ombud
To read more about the Ombud Council appointments, click here.