FINANCE Minister Tito Mboweni has announced the appointment of Eileen Meyer as Chief Ombud of the first Ombud Council Board.
In a statement, Mboweni said the appointment gives effect to the new financial Ombud system in terms of the Financial Sector Regulation Act No. 9 of 2017 (FSR Act).
Meyer’s appointment to the Ombud Council is a transitional measure, until a full-time Chief Ombud is appointed.
The Ombud Council is established in terms of section 175(1) of the FSR Act.
“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,” said the Ministry of Finance in a statement.
The Ombud Council will have oversight powers over both the statutory and industry
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