OMBUD COUNCIL ANNUAL REPORT 2024/25

PART B: PERFORMANCE INFORMATION

REASON FOR DEVIATION CORRECTIVE ACTION

Communications Officer has been recruited to provide necessary support.

Technical and regulatory inputs submitted to stakeholders. Achieved. N/A N/A

requests for input responded to within 60 days. 100% Achieved. 100% N/A N/A Achieved. N/A N/A

N/A N/A

Resource constraints due to delayed appointment of

Communications Officer. Extensive awareness

activities were carried out, resulting in consumer

education and awareness

budget being successfully spent, but these differed

from the specific activities

targeted in the Stakeholder Engagement Plan.

2024/25

ACTUAL ACHIEVEMENT

Achieved. Four on-site

inspections conducted.

64% of Plan deliverables achieved.

GTAC collaboration model finalised.

Ombud Council actively

participated as a member of

National Financial Consumer Education Committee.

Funded multi-channel media campaigns to publicise ombud system.

PLANNED ANNUAL TARGETS

Written feedback, including

agreed action plan, provided

to NFO scheme in response

to review of governing rules.

On-site inspections conducted.

Achievement of 80% of

Stakeholder Engagement Plan deliverables.

mandate per section177(1)(d) and (g)

PROGRAMME 2: REGULATION AND OVERSIGHT

OUTPUT

INDICATORS

6.1. % of Stakeholder Engagement Plan

deliverables achieved.

7.1. Technical and regulatory inputs produced.

7.2. % of stakeholder

7.3. Feedback on governing

rules review report, including

action plan agreed with NFO scheme.

8.1. Number of on-site

inspections conducted.

OUTCOMES OUTPUTS

6.1 Consumer awareness

initiatives implemented in

accordance with Stakeholder

Engagement Plan setting out Council participation in

awareness and education activities.

7.1 Technical and regulatory inputs into stakeholder

engagements on regulatory, 7.2 Responses to policy and structural reform of the ombud system.

stakeholder requests for

technical and regulatory

inputs into proposals on regulatory, policy or

structural reform of the ombud system.

7.3. Feedback, including

action plan, in response to

review of governing rules of new NFO ombud scheme.

8.1. Four on-site inspections conducted.

Sub-programme 2.3: Reform of the ombud system – To facilitate reform of the ombud system to better support the Ombud Council’s statutory objective

Sub-programme 2.4: Ombud system oversight – to exercise oversight over ombud schemes to deliver on mandate to monitor the performance of ombud schemes (section 177(1)(h) of FSR Act

Sub-programme 2.2: Financial inclusion and consumer awareness – To collaborate with stakeholders to promote consumer awareness of the ombud system to support financial inclusion, to deliver on

6. Enhanced consumer awareness of ombud services through Ombud Council support of awareness and education initiatives by stakeholders.

7. The implementation of

regulatory and institutional

reform of the ombud system is well managed.

8. An effective supervision framework is in place to

identify non-compliance or

poor performance of ombud schemes.

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OMBUD COUNCIL ANNUAL REPORT 2024/25