Description
The Ombud’s system is of integral importance as it adds a layer of accountability to our financial services industry while facilitating access to justice. These institutions are meant to serve as impartial officials tasked with resolving disputes between individuals and organisations. Through providing accessible and affordable complaint resolution, they are able to protect the rights of everyday consumers while guarding against administrative misconduct, abuse of power and unfair practices.
On the 01st of March 2024, the National Financial Ombud Scheme South Africa (NFO) was established, under the authority of the Financial Sector Regulation Act of 2017. The NFO aims to unify key financial services Ombud’s under one accredited framework. This is to ensure greater consistency, accessibility and fairness to customers.
This short course provides an overview of the role and duties of an Ombudsman, within the existing systems and structures that are unique to the South African financial services industry. Following an analysis of attempts to harmonise the industry, this course will identify core principles emerging from key Ombud’s decisions and how these principles can be practically translated into effective business decisions and practices.
