Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)3. Composition of Council |
| (1) | The Council consists of a chairperson, a deputy chairperson and at least three, but not more than five, other members appointed by the Minister after consultation with the board. |
| (2) |
| (a) | A member shall be appointed with due regard to— |
| (i) | the person’s knowledge, experience and expertise with reference to the matters for which the Council has been established; |
| (ii) | the demographic and gender profile of the South African population. |
| (b) | No member may be actually engaged in the— |
| (i) | business of a financial institution; or |
| (ii) | provision of a financial service or product of a financial institution to a client. |
| (3) | The registrar is a member of the Council by virtue of the office of the registrar, without voting power. |