OFFICE OF THE OMBUD FOR FINANCIAL SERVICES PROVIDERS

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• OFFICE OF THE OMBUD FOR FINANCIAL SERVICES
  PROVIDERS
• 23 AUGUST 2005
• PRESENTATION TO THE PARLIAMENTARY PORTFOLIO
  COMMITTEE ON FINANCE

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• BACKGROUND
• Purpose of this presentation
• Financial Services Board FSB (the regulator)
• The Ombud for Financial Services Providers FAIS
  Ombud (resolves complaints)
• Financial Advisory Intermediary Services Act
  No. 37 of 2002
• Act came into full effect on 30 September 2004

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• THE FAIS OMBUDS MANDATE
• To consider deal with complaints in a
  procedurally fair, informal, economical and
  expeditious manner
• The Ombud is Independent Impartial

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• THE CREDO
• Purpose behind the Credo
• A values driven organisation
• Constitution and our statutory mandate
• Process underscored by sound and logical
  reasoning
• Engage all stakeholders
• Create a learning organisation
• Support for the Industry in an environment
  underpinned by good corporate governance and
  morally acceptable values.

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• OUR STRENGTHS
• Established by an Act of Parliament created in a
  constitutional ethos
• Good leadership and management intent
• A diversified staff skills base with varying
  depth levels
• Viable secured funding base with private donor
  prospects
• Strong international and local allies
• National (and international) drive for good
  corporate governance and compliance measures
• Positive standing with the regulator - the FSB

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• OUR CHALLENGES
• Creating and sustaining a performance driven
  culture
• Clarifying consumer and industry confusion
• Create uniform procedures for day - to - day
  management issues
• Sustain staff morale and retention
• Build resources on specific technical matters
• Creating and sustaining consumer awareness
• Maintaining a healthy relationship with the
  industry
• Catering for the consumer with special needs
• Provide a world class dispute resolution service.

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• OPPORTUNITIES
• Generally favourable climate to develop the
  office
• Strategic mapping and profiling of the office
• Entrenching the office powers within the
  industry
• Learning from well established similar offices
  abroad
• Making an impact on the industry regulatory
  framework and creating benchmarks and best
  practices
• Recognition by all relevant stakeholders
• Creating opportunities for academic recognition
  of Ombud scholarship.

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• STRATEGIC OBJECTIVES
• Provide a professional service that is efficient,
  equitable and accessible to all
• Encourage a supportive and trusting working
  environment that promotes open and effective
  communication
• Educate people about their rights and the role of
  the Office
• Strive to be respected and recognised by acting
  according to sound moral values.

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• RESOURCES
• Secure staff with appropriate profile
• Regular Staff Development
• Skills audit
• Develop appropriate training programmes
• Budget for additional training.
• Acquire and/or upgrade equipment
• Determine needs, develop budget, make requests.

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• ACCESSIBILITY AND IMPROVED UNDERSTANDING OF THE
  OFFICE
• Raising the profile of the FAIS Ombuds Office
• Produce and disseminate information and
  materials
• Web-site development
• Collaborate with the FSBs Consumer Education
  Initiative
• Collaborate with Advice Centres and other
  community based organisations
• Presentations to industry
• Media coverage

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• IMPROVING THE COMPLAINTS RESOLUTION PROCESS
• Internal workshops to ensure that all staff have
  a common understanding of the process under the
  FAIS Act
• Publish material for consumers and the industry
• Engaging with industry on a continuous basis on
  best practices and benchmarks
• Conferences on complaints handling.

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• ACTIVITY REPORT
• Since August 2003
• Staff appointments
• Workshops for awareness raising
• Meeting with Industry Stakeholders
• Establishing regional and international allies
• Attending international and local conferences
• Setting of office infrastructure

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• ACTIVITY REPORT(Cont.)
• Preparation for and completing year end audit
• Compilation of Annual and other reports
• Meetings with FSB key personnel and the board
• Launching of the Office
• Meetings with FAIS Committee

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• ACTIVITY REPORT (Cont.)
• Developing Office HR policies and procedures
• Setting - up of administrative procedures
• Staff development and training initiatives
• Strategic Planning Process
• Call Centre Initiative
• Consumer Awareness Programmes Interviews and
  Talk Shows
• Media Profiling
• Complaints handling

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• THANK YOU!