Ombud Council AR 2026

PART B: PERFORMANCE INFORMATION

• JSE Ombud Scheme The JSE Ombud covers the authorised users (brokers) of the Johannesburg Stock Exchange (JSE) and their clients in relation to the trading in JSE-listed securities. Unlike other industry ombuds, which operate as independent, non-profit entities, the JSE Ombud is not a separate legal entity. The Ombud, a retired judge, is appointed by the JSE in accordance with the Rules of the JSE markets. Complaints of authorised user clients related to their trading in the JSE markets, are escalated to, addressed and resolved by the JSE Market Regulation Division in terms of the conflict resolution provisions of the JSE market Rules. Those that cannot be resolved in this way are declared to be disputes and are referred to the JSE appointed Ombud. Two complaints were referred to the JSE Market Regulation Division in 2025/26, compared with one in the previous year. These related to the execution of client instructions and the management of discretionary mandates. These matters highlight potential risks arising from timing differences between client instructions and order execution, as well as concerns regarding compliance with the terms of discretionary mandates and the impact on portfolio performance. During the 2025/26 reporting period, the JSE Ombud Scheme did not have any unresolved complaints that were referred to the scheme. The data contained in this report therefore excludes the JSE Ombud scheme.

respect of funeral and disability benefits, while poor communication and service accounted for a significant number of complaints about life policies. The prominence of funeral insurance complaints is particularly significant when considered together with the trends identified by the FAIS Ombud (see above). The concentration of complaints in this product category reinforces concerns regarding conduct in the funeral insurance market, including the need for appropriate product distribution, clear customer communication, suitable advice, fair claims practices and effective controls against unauthorised conduct. The Council will continue to engage with the FSCA and other relevant stakeholders to support initiatives aimed at addressing conduct risks identified through complaints data, including those relating to funeral insurance. Non-Life Insurance Division Complaints within the Non-Life Insurance Division of the NFO remain concentrated in motor insurance and homeowners’ insurance, which accounted for 35.4% and 27.5% respectively of all complaints finalised. This was followed by commercial, household contents and other types of insurance and non-claim related complaints. A notable conduct trend was claim repudiations based on policy exclusions, particularly gradual deterioration, lack of maintenance and wear and tear in property-related insurance. These complaints increased during the year. In motor insurance, accident-related complaints remained the highest source of disputes. Claim repudiations based on driving under the influence of alcohol increased by 67% and was the leading exclusion relied upon. Homeowners’ insurance complaints related to acts of nature and bursting water apparatus, with gradual deterioration, lack of maintenance and wear and tear remaining the key grounds for claim rejection. Commercial and household contents complaints related to whether the insured event or policy requirements had been met, policy exclusions and quantum, while theft and burglary remained the most prevalent household contents claim type. The increase in complaints relating to other insurance products and non claim-related matters also points to emerging consumer risks beyond traditional motor and property insurance.

Ombud Council 2025/26 Annual Report

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