FINANCIAL SERVICES OMBUD COUNCIL RULES PUBLISHED AND IN FORCE

FINANCIAL SERVICES OMBUD COUNCIL RULES PUBLISHED AND IN FORCE

• 01 July 2024
• Financial Sector
• SA Legal Academy

In keeping with a Government Gazette notice issued three days earlier, the Financial Services Ombud Council published its rules on 1 July 2024 – along with a statement of need and consultation report.

Replacing those in force since 2003, the rules are in effect and, among other things:

• ‘create clearer consequences’ for non-compliance with obligations under the Financial Advisory & Intermediary Services Act, 2002
• allow the ombud more flexibility in resolving complaints where one of the parties concerned does not co-operate, and
• enable the ombud to award as much as R3.5m in compensation for financial prejudice or damage.

Please click the links below for more information:

• rules
• statement of need (also outlining the rules’ intended operation and expected impact)  
• consultation report
• Government Gazette notice

Published by SA Legal Academy Policy Watch

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