Ombud Council AR 2026

PART B: PERFORMANCE INFORMATION

Outcome 5: Improved alignment and coordination of Ombud Scheme complaint handling processes. The Council made progress in strengthening coordination and consistency in the complaint handling processes of the ombud schemes. In line with section 177(1)(b) of the FSR Act and in anticipation of the consolidation of the FAIS Ombud’s functions into a broader future consolidated ombud scheme, the Council implemented an action plan aimed at enhancing coordination and collaboration between the current NFO and the FAIS Ombud. The key objectives included improving referrals between the schemes, aligning complaint handling approaches, harmonising terminology and reporting, as well as strengthening collaboration on consumer awareness initiatives. These planned deliverables were fully achieved. Following engagements with the Council and the Pension Funds Adjudicator, a separate coordination action plan with the Pension Funds Adjudicator is at an advanced stage of development.

The above initiatives in turn support the broader objective of enabling timely, evidence-based supervisory, enforcement and policy responses by financial sector regulators. Outcome 4: Implementation of reforms in National Treasury policy paper (“A Simpler, Stronger Financial Sector Ombud System” (February 2024)) supported. Work continued on the implementation of the reforms proposed in the National Treasury’s policy paper, “A Simpler, Stronger Financial Sector Ombud System” (February 2024) (National Treasury, February 2024). The technical task team, which comprises representatives of the Ombud Council, National Treasury, Financial Sector Conduct Authority, and the World Bank, worked on legislation to give effect to the proposed reforms. This included the drafting of a Financial Ombud System Amendment Bill. There are several key provisions of the draft Bill which will include the refinement of definitions, the establishment of a future overarching ombud scheme with an appropriate statutory underpin, the disestablishment of the FAIS Ombud, the role of the Retirement Funds Ombud (renaming the current Pension Funds Adjudicator) and safeguards for the Council to intervene in serious ombud scheme performance failures. This aims to ensure oversight and accountability and transition provisions. Targeted informal engagements on the draft Bill took place with the ombud schemes and the FSCA. The task team considered feedback received for possible inclusion in the draft Bill. The Council worked with the National Treasury to establish a framework for broader stakeholder engagement on the draft Bill. The task team engaged with one of the identified stakeholders during the latter part of the financial year and further consultations are planned for the 2026/27 financial year. The targeted output for maintaining a register of the Council’s technical and regulatory inputs into these engagements and legislative developments was achieved.

Ombud Council 2025/26 Annual Report

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