Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)Chapter VI : EnforcementPart 1 : Ombud for financial services providers21. Appointment of Ombud and deputy ombuds |
| (1) | The Minister— |
| (a) | must appoint as Ombud a person qualified in law and who possesses adequate knowledge of the rendering of financial services ; |
| (b) | may appoint one or more persons qualified in law and who possess adequate knowledge of the rendering of financial services, as deputy ombud. |
[Section 21(1) substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (2) | The remuneration and other terms of appointment of the Ombud and a deputy ombud must be determined by the Minister. |
[Section 21(2) to be substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017 - to be commenced (paragraph (a)(ii) of Notice 142 of 2019, GG 42314, dated 18 March 2019)]
| (3) | The Ombud or deputy ombud may at any time resign by submitting a written resignation to the Minister at least three calendar months prior to the intended date of vacation of office, unless the Minister allows a shorter period. |
[Section 21(3) substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (4) | The Minister may on good cause shown remove the Ombud or a deputy ombud from office on the ground of misbehaviour, incapacity or incompetence, after affording the person concerned a reasonable opportunity to be heard. |
[Section 21(4) substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]