Regulatory Alerts2023-06-29
FSCA Communication 18 of 2023 (FAIS): Status Update on FAIS Ombud Rules Amendment
The Financial Sector Conduct Authority (FSCA) and the Ombud Council have determined that the Ombud Council will assume responsibility for amending the FAIS Ombud Rules, replacing the FSCA's previously published draft amendment. The forthcoming rules will increase the maximum compensation limit from R800,000 and incorporate additional procedural adjustments to align with the Financial Sector Regulation Act. The Ombud Council will immediately launch a new public consultation process to revoke the existing rules and formally enact the updated framework, with the FSCA providing ongoing support.
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