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finance-scheme

New Financial Sector Ombud provisions postponed – Commencement date of Chapter 14 changed to 1 September 2019

LegalBrief Today reported as follows on the postponement of the establishment of an Ombud council and recognising industry Ombud schemes contained in the FSR Act:

“The commencement date of Chapter 14 of the 2017 Financial Sector Regulation Act (sections 175 to 217, establishing an Ombud council and recognising industry Ombud schemes) has been postponed from 1 April to 1 September.

This was announced on Friday in a Government Gazette notice correcting sections of a notice published on 18 March. The repeal of the 2004 Financial Services Ombud Schemes Act has been postponed to the same date. Friday’s notice, therefore, cancels paragraph (b) of the 18 March notice, which amended paragraph (b) of a notice gazetted on 28 September 2018 – which, in turn, amended paragraph (h) of a notice published on 29 March 2018”.

Click here to download the Correction of General Notice.

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