Ombud Council AR 2026

PART B: PERFORMANCE INFORMATION

2.3. Key policy developments and legislative changes As has been the case since it was first established, the Ombud Council continues to operate in an environment of pending policy and legislative reforms expected to influence its strategy and operations. If implemented as proposed, these reforms will impact the Council both directly and indirectly. Direct impacts would arise from policy and legislative changes proposed by the National Treasury in its policy statement “A Simpler, Stronger Financial Sector Ombud System” (February 2024), which are informed by recommendations made by the World Bank in the WB Diagnostic, and changes to the Council’s founding legislation (Chapter 14 of the FSR Act). Indirect impacts would be driven by broader financial sector legislative changes affecting the financial institutions falling The National Treasury confirmed its reform agenda for the ombud system in its policy paper “A Simpler, Stronger Financial Sector Ombud System” (February 2024). Key elements of the policy response are set out in the box below. Figure 3: Key elements of the proposed reform that the National Treasury supports include the following: within the ombud framework, mainly as proposed through the pending COFI Bill. We have previously reported extensively on these anticipated developments. The key features and the current status are summarised below for ease of reference: 2.3.1. National Treasury policy paper “A Simpler, Stronger Financial Sector Ombud System” (February 2024)

Structural reform of the ombud system, that will reduce the seven ombud schemes to two: • A new, consolidated ombud scheme: National Financial Ombud (NFO) – a new body, independent of industry and government, replacing six of the current seven schemes (all the industry schemes plus the FAIS Ombud). • A Retirement Funds Ombud (RFO) – a renamed and reformed Pension Funds Adjudicator, with a board to underpin its independence and oversee its efficiency and effectiveness. National Treasury considers that it would be too complex a transition for the NFO to absorb the work of the RFO at this stage. However, this is likely to happen in the medium term, once the NFO has been up and running for a while. A modified Ombud Council – modifications to the title and appointment of its chief executive and (later) a review of its powers in the light of the simplification of the ombud system. Improved consistency across the ombud system on visibility and accessibility, eligibility of complainants, processes, powers and enforceability of decisions, and improved coverage to significantly reduce jurisdictional gaps and overlaps.

Source: National Treasury media statement, 29 February 2024.

Ombud Council 2025/26 Annual Report

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