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.
A High Court hears details of an elaborate fraud in which scammers cleaned out a bank account and bought cryptocurrency from a part-time trader.
Read moreThe National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
The previously separate credit, banking, and long-term and short-term insurance ombud schemes are now under one roof.
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
The information will help the Authority to monitor the extent to which insurers are delivering fair outcomes for consumers.
In two cases, the Ombudsman for Short-term Insurance found the insurer should not have rejected the claims.