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

8. Functions of Council and registrar

 

 

(1) The Council must—
(a) consider and grant or refuse an application for the recognition of a scheme;
(b) monitor compliance with this Act by a recognised scheme;
(c) promote co-operation and co-ordination of the activities of an ombud of a recognised scheme, the Adjudicator, the Ombud for Financial Services Providers and the statutory ombud, including in relation to informing and educating clients with regard to available resolution forums;
(d) after consultation with the relevant ombud, develop and promote best practices for complaint resolution by the recognised scheme in question;
(e) ensure that the independence and impartiality of an ombud is not affected when the Council performs its functions; and
(f) perform such other functions as the Minister, after consultation with the board, may direct in order to achieve the objects of this Act.

 

(2) The Council may—
(a) issue guidelines to inform clients of the jurisdiction of different ombuds and of the procedures for the submission of a complaint; and
(b) if necessary, require an independent assessment on the compliance with this Act by any recognised scheme and may recover the cost from the scheme.

 

(3) The registrar must assist the Council in performing its functions and implementing its decisions in addition to performing the administrative work of the Council.

 

(4) The Council must each year submit to the Minister, and provide a copy to the board, a report on its affairs and functions during the preceding year ended on 31 December.