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Ombud Council Up and Running

July 8, 2021

National Treasury

The Ombud Council is up and running.

In a statement, national treasury pointed out that the Council was set up in terms of section 175(1) of the Financial Sector Regulation Act.

The Council’s objective is to “assist in ensuring that financial customers have access to, and are able to use affordable, effective, independent and fair alternative dispute resolution processes for complaints about financial institutions in relation to financial products, financial services and services provided by financial infrastructures”.

The Council is busy developing an institutional framework to support its operations.

All financial sector industry ombud schemes will be recognized until 1 November 2021 after which a renewal process will be instituted.

Meanwhile, in another statement, treasury confirmed the publication of gazetted regulations on the increase of the de-minimus amount in relation to the withdrawal from retirement annuity funds and increase of the Unemployment Insurance Fund contribution ceiling.

The Regulations were published in Gazettes 44641 and 44640 in May 2021.

According to treasury, the “change to the withdrawal threshold is intended to assist households in accessing funds, while the revised UIF contribution ceiling will align with the benefit threshold and provide additional funds to the UIF after a large portion of the available funds have been used for the Temporary Employment Relief Scheme”.

In Gazette 44812, the South African Reserve Bank (SARB) announced that Discovery Bank Limited has been appointed as an Authorised Dealer in foreign exchange.

In Gazette 44813, SARB announced that Discovery Bank Limited has been deleted as a Restricted Authorised Dealer in foreign exchange.