OMBUD COUNCIL ANNUAL REPORT 2024/25

PART B: PERFORMANCE INFORMATION

Outputs for this outcome are therefore focused on providing technical and regulatory inputs into stakeholder engagements on regulatory, policy, and structural reform of the ombud system; and timeously responding to stakeholder requests for such inputs (100% of input requests to be responded to within 60 days). Extensive written and in-meeting input has been provided, both proactively and on request, in respect of the following (Please also see further information on key achievements in paragraph 2.1.1 above): ● The COFI Bill and proposed consequential amendments to Chapter 14 of the FSR Act (the Ombud Council’s founding legislation). ● A proposed dedicated amendment Bill, provisionally named the Financial Ombud System Amendment Bill, which will amend the FSR Act to give effect to the reformed ombud system envisaged in the National Treasury’s policy statement “A simpler, stronger financial sector ombud system” (February 2024). This input was provided through participation in a technical task team comprising representatives of the National Treasury, the Ombud Council, the FSCA, and the World Bank Group. An additional targeted output for reform of the ombud system was for the Ombud Council to provide feedback to the NFO in response to the scheme’s review of its governing rules and agree an action plan with the scheme to respond to the outcomes of the review. A permanent condition of recognition is that the NFO regularly evaluates the effectiveness and suitability of the scheme’s governing rules and to conduct the first such review by the end of its first year after recognition. Following the receipt of the review report, the Council engaged with the scheme and provided preliminary feedback on the review report findings and recommendations as well as an action plan for next steps. All targeted outputs for this outcome were achieved.

OUTCOME 8: AN EFFECTIVE SUPERVISION FRAMEWORK IS IN PLACE TO IDENTIFY NON-COMPLIANCE OR POOR PERFORMANCE OF OMBUD SCHEMES The Ombud Council met the output targeted for this outcome by carrying out four on-site inspections of ombud schemes during the year under review, using its inspection powers under section 208 of the Financial Sector Regulation Act. The schemes inspected were the National Financial Ombud in Quarters One and Three of 2024/25, the FAIS Ombud in Quarter Two and the OPFA in Quarter Four. 4.2.2 ANNUAL PERFORMANCE REPORT TABLE The Ombud Council presents the following Annual Performance Report Table for the 2024/25 financial year.

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OMBUD COUNCIL ANNUAL REPORT 2024/25