Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)1. Definitions |
In this Act, unless the context indicates otherwise—
means the Pension Funds Adjudicator appointed in terms of section 30C(1) of the Pension Funds Act, 1956 (Act No. 24 of 1956);
means the Financial Services Board established by section 2 of the Financial Services Board Act;
means a person who uses the services of a financial institution or a person who enters into a transaction with a financial institution in respect of a product of that institution, and includes the—
(a) successor in title of such person; and
(b) beneficiary of such service or product;
means a complaint by a client relating to any agreement with, or a financial service or product of, a financial institution, and in which it is alleged that the client has suffered or is likely to suffer financial prejudice or damage as a result of the financial institution—
| (a) | having contravened or failed to comply with a provision of any agreement or the law or of a code of conduct subscribed to by the financial institution; |
| (b) | having wilfully or negligently supplied, or failed to supply, a financial service or a product to the client; |
| (c) | having treated the client unreasonably or inequitably; or |
| (d) | having maladministered the implementation of an agreement with, or the supply of a financial service or a product to, the client; |
means the Financial Services Ombud Schemes Council established by section 2;
means—
| (a) | a bank as defined in section 1(1) of the Banks Act, 1990 (Act No. 94 of 1990) or a mutual bank as defined in section 1(1) of the Mutual Banks Act, 1993 (Act No. 124 of 1993), or a co-operative bank as defined in section 1 of the Co-operative Banks Act, 2007; |
[Paragraph (a) substituted by section 90 of Act No. 40 of 2007]
| (b) | any financial institution contemplated in paragraph (a) of the definition of "financial institution" in section 1 of the Financial Services Board Act; or |
| (c) | any person declared to be a financial institution in terms of section 17; |
means the Financial Services Board Act, 1990 (Act No. 97 of 1990);
means the Minister of Finance;
means a person who is empowered in terms of a scheme to resolve a complaint;
means the Ombud for Financial Services Providers appointed in terms of section 21(1)(a) of the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002), and includes a deputy ombud appointed in terms of section 21(1)(b) of that Act;
in relation to a scheme, means a financial institution that takes part in the scheme or its funding and that submits to the authority of the relevant ombud;
includes a trust;
means prescribed by regulation;
means a scheme that has been granted recognition in terms of section 11;
means the executive officer appointed as such in terms of section 13(1)(a) of the Financial Services Board Act;
means a regulation made in terms of section 19;
notwithstanding any other law, means any scheme or arrangement established by or for a financial institution, or a group of financial institutions, in order to resolve a client’s complaint by an ombud—
| (a) | and includes any arrangement in terms of which resolution of the complaint is to be effected by mediation, conciliation, recommendation, determination or arbitration; |
| (b) | but does not include any internal complaint resolution arrangement established by a financial institution either with or without any affiliate or subsidiary of the institution, nor the activities of the Ombud for Financial Services Providers, the Adjudicator and statutory ombud; |
means the Ombud for Financial Services Providers, acting in the capacity contemplated in section 14;
includes—
(a) any regulation; and
(b) any determination, decision, requirement or condition made, determined or imposed, and any notice published, by the Minister.