OMBUD COUNCIL ANNUAL REPORT 2024/25

PART A: GENERAL INFORMATION

7. LEGISLATIVE AND OTHER MANDATES

T he Ombud Council derives its mandate from the FSR Act. Chapter 14 of the FSR Act establishes the Council and confers oversight, enforcement, and regulatory powers on it in relation to the financial sector statutory and industry ombud schemes. The main objective of the Council, per section 176 of the FSR Act, is to assist in ensuring that financial customers have access to, and can 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 market infrastructures. The Council is defined as a financial sector body in section 1 of the FSR Act, and section 96 provides that its administrative actions are subject to the Promotion of

Administrative Justice Act (PAJA, Act 1 of 2000). The Act also confirms (section 175(3)) that the Council is a national public entity as defined in the PFMA. In addition, the Council needs to take cognisance of the larger body of financial sector law within which ombud schemes, and the financial institutions covered by them, operate. The Ombud Council became listed as a Schedule 3A national public entity under the PFMA with effect from 1 April 2023. Chapter 16 of the FSR Act, read with the Levies Acts, facilitates the funding of the operations of the Ombud Council through levies collected from financial institutions. These provisions commenced on 1 April 2023, to coincide with the Council’s PFMA listing. Financial year 2024/25, the period covered by this report, is the Ombud Council’s second year of operating as a PFMA listed public entity.

Ms. Devrani Moonsamy and Mr. Adam Horowitz at the Board meeting

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OMBUD COUNCIL ANNUAL REPORT 2024/25