Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 14 : Ombuds

Part 4 : General provisions

215. Obligation to comply with governing rules of recognised industry ombud schemes
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(1)A financial institution that is a member of a recognised industry ombud scheme must comply with the governing rules of the scheme.

 

(2)Without limiting any other right that a financial customer of a financial institution that is a member of a recognised industry ombud scheme may have, the financial customer may enforce the obligation in subsection (1) in relation to a financial product or a financial service as if the obligation were a provision of the contract in terms of which the financial product or financial service was provided to the financial customer.

 

[Section 215 to take effect on 1 April 2020, per Notice No. 1130 of 2019, GG 42677, dated 30 August 2019]