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Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)

3. Composition of Council

 

 

(1) The Council consists of a chairperson, a deputy chairperson and at least three, but not more than five, other members appointed by the Minister after consultation with the board.

 

(2)
(a) A member shall be appointed with due regard to—
(i) the person’s knowledge, experience and expertise with reference to the matters for which the Council has been established;
(ii) the demographic and gender profile of the South African population.
(b) No member may be actually engaged in the—
(i) business of a financial institution; or
(ii) provision of a financial service or product of a financial institution to a client.

 

(3) The registrar is a member of the Council by virtue of the office of the registrar, without voting power.