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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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