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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 14 : Ombuds

Part 3 : Powers of Ombud Council

208. Supervisory on-site inspections and investigations

 

(1) Part 3 of Chapter 9 applies in relation to the Ombud Council as if—
(a) references in that Chapter to a financial sector law were references to a financial sector law in so far as it relates to ombud schemes;
(b) references to a financial sector regulator were references to the Ombud Council; and
(c) references to a supervised entity were references to an ombud scheme or an ombud.

 

(2) Despite section 132(2), the purpose of a supervisory on-site inspection of an ombud scheme or an ombud in terms of this section is to check compliance by the ombud scheme or ombud with a financial sector law in so far as it relates to ombuds.

 

(3) Part 4 of Chapter 9 applies in relation to the Ombud Council as if—
(a) references in that Chapter to a financial sector law were references to a financial sector law in so far as it relates to ombud schemes;
(b) section 135(1)(b) were omitted; and
(c) references to a financial sector regulator were references to the Ombud Council.

 

(4) Section 140 applies in relation to the Ombud Council exercising powers in terms of this section as it applies in relation to the financial sector regulators.

 

[Section 208 to take effect on 1 April 2020, per Notice No. 1130 of 2019, GG 42677, dated 30 August 2019]