1 / 15

Ombud for Financial Services Providers: Strengthening Consumer Protection

This presentation provides an overview of the Office of the Ombud for Financial Services Providers, its mandate, strengths, challenges, opportunities, and strategic objectives. It highlights the importance of resolving complaints in a fair and efficient manner, promoting good corporate governance, and creating a supportive working environment. The office aims to be accessible and improve understanding through initiatives such as a website, collaborations with industry and community organizations, and media coverage. The activity report showcases the office's achievements since August 2003, including staff appointments, workshops, meetings with stakeholders, and the establishment of office infrastructure.

vman
Download Presentation

Ombud for Financial Services Providers: Strengthening Consumer Protection

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. OFFICE OF THE OMBUD FOR FINANCIAL SERVICES PROVIDERS 23 AUGUST 2005 PRESENTATION TO THE PARLIAMENTARY PORTFOLIO COMMITTEE ON FINANCE

  2. BACKGROUND • Purpose of this presentation • Financial Services Board FSB (the regulator) • The Ombud for Financial Services Providers FAIS Ombud (resolves complaints) • Financial Advisory & Intermediary Services Act No. 37 of 2002 • Act came into full effect on 30 September 2004

  3. THE FAIS OMBUD’S MANDATE • To consider & deal with complaints in a procedurally fair, informal, economical and expeditious manner… • The Ombud is Independent & Impartial

  4. THE CREDO • Purpose behind the Credo; • A values driven organisation; • Constitution and our statutory mandate; • Process underscored by sound and logical reasoning; • Engage all stakeholders; • Create a learning organisation; • Support for the Industry in an environment underpinned by good corporate governance and morally acceptable values.

  5. OUR STRENGTHS • Established by an Act of Parliament created in a constitutional ethos; • Good leadership and management intent; • A diversified staff skills base with varying depth levels; • Viable secured funding base with private donor prospects; • Strong international and local allies; • National (and international) drive for good corporate governance and compliance measures; • Positive standing with the regulator - the FSB

  6. OUR CHALLENGES • Creating and sustaining a performance driven culture; • Clarifying consumer and industry confusion; • Create uniform procedures for day - to - day management issues; • Sustain staff morale and retention ; • Build resources on specific technical matters; • Creating and sustaining consumer awareness; • Maintaining a healthy relationship with the industry; • Catering for the consumer with special needs; • Provide a world class dispute resolution service.

  7. OPPORTUNITIES • Generally favourable climate to develop the office; • Strategic mapping and profiling of the office; • Entrenching the office powers within the industry; • Learning from well established similar offices abroad; • Making an impact on the industry regulatory framework and creating benchmarks and best practices; • Recognition by all relevant stakeholders; • Creating opportunities for academic recognition of Ombud scholarship.

  8. STRATEGIC OBJECTIVES • Provide a professional service that is efficient, equitable and accessible to all; • Encourage a supportive and trusting working environment that promotes open and effective communication; • Educate people about their rights and the role of the Office; • Strive to be respected and recognised by acting according to sound moral values.

  9. RESOURCES • Secure staff with appropriate profile; • Regular Staff Development: • Skills audit; • Develop appropriate training programmes; • Budget for additional training. • Acquire and/or upgrade equipment: • Determine needs, develop budget, make requests.

  10. ACCESSIBILITY AND IMPROVED UNDERSTANDING OF THE OFFICE • Raising the profile of the FAIS Ombud’s Office; • Produce and disseminate information and materials; • Web-site development; • Collaborate with the FSB’s Consumer Education Initiative; • Collaborate with Advice Centre’s and other community based organisations; • Presentations to industry; • Media coverage

  11. IMPROVING THE COMPLAINTS RESOLUTION PROCESS • Internal workshops to ensure that all staff have a common understanding of the process under the FAIS Act; • Publish material for consumers and the industry; • Engaging with industry on a continuous basis on best practices and benchmarks; • Conferences on complaints handling.

  12. ACTIVITY REPORT Since August 2003 • Staff appointments • Workshops for awareness raising • Meeting with Industry Stakeholders • Establishing regional and international allies • Attending international and local conferences • Setting of office infrastructure

  13. ACTIVITY REPORT(Cont.) • Preparation for and completing year end audit • Compilation of Annual and other reports • Meetings with FSB key personnel and the board • Launching of the Office • Meetings with FAIS Committee

  14. ACTIVITY REPORT (Cont.) • Developing Office HR policies and procedures • Setting - up of administrative procedures • Staff development and training initiatives • Strategic Planning Process • Call Centre Initiative • Consumer Awareness Programmes – Interviews and Talk Shows • Media Profiling • Complaints handling

  15. THANK YOU!

More Related