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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

22. Funding of Office

 

 

1) The funds of the Office consist of –
a) funds provided by the Board on the basis of a budget submitted by the Ombuds to the Board and approved by the latter; and
b) funds accruing to the Office from any other source.

 

2) The Ombud must deposit all funds in an account opened with a bank registered under the Banks Act, 1990 (Act No. 94 of 1990).

 

3) The Ombud must utilise such funds for the defrayal of expenses incurred in the performance of functions under this Act, and may invest funds which are not required for immediate use.

 

4) The financial year of the Ombud ends on 31 March in every year.

 

5) Funds standing to the credit of the Ombud in the account mentioned in subsection (2) at the end of the financial year, as well as funds invested under subsection (3), must be carried forward to the next financial year.