South Africa’s financial ombud system is undergoing major reforms with the launch of the National Financial Ombud Scheme and the Retirement Funds Ombud. The changes are based on recommendations from a World Bank diagnostic study and aim to enhance consumer safeguards and promote better results within the financial services industry. The reforms will require legislative amendments and the National Financial Ombud Scheme is expected to start operations on March 1, 2024, leading to a promising future for South Africa’s financial sector.
