Policy will empower consumers

2017-09-27 06:01

The National Treasury published the policy document “A Known and Trusted Ombud System for All” for public comment.

This forms part of the comprehensive financial sector regulatory reform programme underway as South Africa shifts toward a Twin Peaks model of regulation.

The reforms aim to significantly improve consumer protection in the financial sector by promoting customer-centric financial institutions on the one hand and empowered consumers on the other.

Empowered consumers are able to make informed financial decisions and can hold their financial institutions to account for poor service or broken commitments.

This consultation policy document addresses measures to improve the alternative dispute resolution environment in South Africa, which is provided through the Ombuds system.

Effective financial Sector Ombud schemes are needed to drive the financial sector to better serve South Africans.

The Financial Sector Regulation Act (Act 9 of 2017) takes the first step toward addressing shortcomings in the ombud system.

The Act establishes an Ombud Council as a full-time statutory body, tasked with ensuring that customers are able to access effective, independent, fair and afford-able dispute resolution processes.

Comments on the document are invited until 30 November and can be sent to marketconduct@treasury.gov.za

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