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FINANCIAL SECTOR OMBUD SYSTEM REFORM: TREASURY ISSUES POLICY STATEMENT
- 01 March 2024
- Financial Sector
- SA Legal Academy
National Treasury has issued a policy statement on financial sector ombud system reform. As part of a broader move towards ‘a stronger market conduct framework for South Africa’, the process of developing this new policy approach was informed by a World Bank diagnostic study conducted in 2021. This is according to an accompanying press release, which also notes stakeholder input received during that process.
The following structure is envisaged:
- ‘a new, consolidated ombud scheme … independent of industry and government (and) replacing six of the current seven schemes’
- a separate retirement/pension funds ombud/adjudicator, and
- ‘a modified ombud council’.
This is expected to improve:
- ‘consistency across the ombud system’
- ‘visibility and accessibility’
- the ‘eligibility of complainants'
- ‘processes, powers and (the) enforceability of decisions’, and
- ‘coverage’ (‘significantly’ reducing jurisdictional gaps and overlaps).
Legislative amendments will be necessary.
Published by SA Legal Academy Policy Watch
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