New Rules for Adjudicator emphasise efficiency, consistency, and COFI readiness
The draft Rules for the Office of the Pension Funds Adjudicator formalise existing procedures and align the OPFA with COFI and the cross-scheme framework.
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COFI will redefine the OPFA’s role and scope
Expanding the Office’s mandate to include disputes involving advice will enhance member protection, but there are concerns over jurisdictional overlaps and operational costs.
Levies payable to the FSCA set to rise in 2025/26
The proposed amendments will also see increases in the Tribunal levy and the FAIS Ombud’s charge per KI/representative.
Behind the scenes at OPFA: how pension complaints are investigated and resolved
Deputy Pension Funds Adjudicator Naheem Essop shares how OPFA’s inquisitorial process works, the challenges funds face with internal dispute resolution, and what happens when complaints escalate or are deemed frivolous.
Ombud Council to focus on making financial consumers more aware of their right to redress
The Council will use complaints data to spot systemic risks and harmonise complaint-handling across all financial ombuds, its five-year strategic plan shows.
FSCA announces proposed levy increase for 2025/26
The increase is below the 6% CPI-related increase permitted by the Levies Act.
Ombud Council’s first formally tabled report highlights reforms in financial dispute resolution
Key achievements include the creation of the National Financial Ombud Scheme and the new FAIS Ombud Rules.
Consumers should inform themselves before they transact, says FAIS Ombud
The Office has sorted out the ‘embarrassing’ backlog of cases John Simpson inherited and has set timeframes for resolving complaints.
Changes to aspects of FAIS Ombud’s approach to handling complaints
The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.
Key aspects of Treasury’s proposals to reform SA’s financial ombud system
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
New National Financial Ombud scheme launches
The previously separate credit, banking, and long-term and short-term insurance ombud schemes are now under one roof.
Existing financial ombud system is ‘too complex’ for consumers to navigate
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
Ombuds will handle cases involving disputes of fact or law and award compensation
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
New implementation date for National Financial Ombud
The Ombud Council also provides an update on the status of the new FAIS Ombud rules.
National Financial Ombud set to start in January 2024 – draft rules and MOI published
Financial sector participants should take note of the differences between the NFO’s Rules and the rules of the existing ombud schemes.
