The purpose of the Financial Services Ombud Schemes Act is to provide for the recognition of financial services ombud schemes; to lay down minimum requirements for ombud schemes; to promote consumer education with regard to ombud schemes; to co-ordinate the activities of ombuds of recognised schemes with the activities of the Pension Funds Adjudicator and the Ombud for Financial Services Providers; to develop and promote best practices for complaint resolution; to empower the Ombud for Financial Services Providers to act as a statutory ombud in certain cases; and to provide for matters connected therewith.
An ombud Scheme is an arrangement for the settlement of disputes between between a financial services provider and a client.
Source: SABINET
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