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Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)

Chapter VI : Enforcement

Part 1 : Ombud for financial services providers

21. Appointment of Ombud and deputy ombuds

 

 

1) The Board
a) must appoint as Ombud a person qualified in law and who possesses adequate knowledge of the rendering of financial services ;
b) may appoint one or more persons qualified in law and who possess adequate knowledge of the rendering of financial services, as deputy ombud.

[Subsection 1 amended by section 192(a) of Act No. 45 of 2013]

 

2) The remuneration and other terms of appointment of the Ombud and a deputy ombud must be determined by the Board.

 

3) The Ombud or deputy ombud may at any time resign by submitting a written resignation to the Board at least three calendar months prior to the intended date of vacation of office, unless the Board allows a shorter period.

 

4) The Board may on good cause shown remove the Ombud or a deputy ombud from office on the ground of misbehaviour, incapacity or incompetence, after affording the person concerned a reasonable opportunity to be heard.

[Subsection 4 amended by section 192(b) of Act No. 45 of 2013]