Ombud Council AR 2026

PART B: PERFORMANCE INFORMATION

2.2. Organisational environment 2.2.1. Operating principles The Ombud Council has since its inception adopted a set of operating principles to support and expand on its values and guide its decision-making. These operating principles, which have been reviewed from time to time, recognise the Council’s responsibility to deliver on its statutory mandate,

as well as the need to remain agile and responsive to the evolving regulatory and policy context within which we operate. These principles are interconnected and complementary but also require appropriate balances to be struck between them.

Table 3: Operating principles supporting our values. Committed to current mandate The Council commits to optimally using its legislative toolkit under the FSR Act to perform its statutory functions while remaining cognisant of, and aligned to, the broader regulatory reform initiatives in the financial sector ombud system. Pragmatic and cost-efficient The Council oversees financial ombud schemes pragmatically and cost-effectively. It promotes clarity that the direct handling of customer complaints is outside of its mandate and is the purview of the financial ombud schemes and sector regulators.

Flexible and scalable

The Council’s people, resources and business processes respond promptly and effectively to the evolving regulatory framework, cognisant that continual technological advances impact financial ombud schemes and the financial sector regulatory landscape through new products, services and ways of doing business.

Risk-based The Council proactively mitigates risks to the effectiveness of the ombud system, including shortcomings identified by the World Bank Diagnostic. Consultative and collaborative The Council consults openly and collaboratively with its stakeholders, including

relevant financial ombud schemes, regulatory authorities, policymakers, financial institutions, and customers, and ensures that all stakeholders understand its role. The Council proactively participates in shaping the future financial ombud system regulatory framework and supports existing ombud schemes, customers, and other stakeholders during the transition to that framework.

Future-focused

2.2.2. Operational capacity and effectiveness In the previous 2024/25 financial year, the Council concentrated on developing and implementing the entity’s own policies, systems, and processes, successfully achieving operational independence by the close of that year. Building on this foundation, 2025/26 saw a shift to more deeply implementing and embedding fit-for-purpose governance and operational frameworks and controls to strive for service excellence in delivery of our mandate. These efforts were supported by the Council achieving full targeted headcount at the end of financial year 2024/25 and maintaining this headcount during the year under review. Specific organisational achievements include the following: • From a human resources perspective, the full targeted staff complement is in place as set out in the Strategic Plan. A fit-for-purpose remuneration model was developed and implemented, enhancing the employee

value proposition. The Council implemented a Human Capital strategy underpinned by a suite of human resources policies and processes and adhered to performance management processes and deadlines. The new five-year Employment Equity Plan was developed and implemented, and employment equity targets were met. • A comprehensive, integrated Governance, Risk and Compliance (GRC) Framework was developed, approved by the Board, and embedded. • ICT systems were upgraded to enable efficient operations and ICT governance was implemented. • Confirmation of a clean external audit for the 2024/25 financial year was obtained and this record has been maintained with confirmation of a clean audit with no findings for 2025/26.

Ombud Council 2025/26 Annual Report

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