Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)8. Functions of Council and registrar |
| (1) | The Council must— |
| (a) | consider and grant or refuse an application for the recognition of a scheme; |
| (b) | monitor compliance with this Act by a recognised scheme; |
| (c) | promote co-operation and co-ordination of the activities of an ombud of a recognised scheme, the Adjudicator, the Ombud for Financial Services Providers and the statutory ombud, including in relation to informing and educating clients with regard to available resolution forums; |
| (d) | after consultation with the relevant ombud, develop and promote best practices for complaint resolution by the recognised scheme in question; |
| (e) | ensure that the independence and impartiality of an ombud is not affected when the Council performs its functions; and |
| (f) | perform such other functions as the Minister, after consultation with the board, may direct in order to achieve the objects of this Act. |
| (2) | The Council may— |
| (a) | issue guidelines to inform clients of the jurisdiction of different ombuds and of the procedures for the submission of a complaint; and |
| (b) | if necessary, require an independent assessment on the compliance with this Act by any recognised scheme and may recover the cost from the scheme. |
| (3) | The registrar must assist the Council in performing its functions and implementing its decisions in addition to performing the administrative work of the Council. |
| (4) | The Council must each year submit to the Minister, and provide a copy to the board, a report on its affairs and functions during the preceding year ended on 31 December. |