Submission to the National Treasury on the “A Known and Trusted Ombud System for All” Consultation Policy Document

On 3 October 2017, National Treasury published its new ombud consultation policy document as part of the new “Twin Peaks” system of financial sector regulation. The policy intends to address the “effective dispute resolution” aspect of the new system, particularly alternative dispute resolution in the form of ombuds. In this submission, various faults in the policy are identified. The absence of an independently-conducted socio-economic impact assessment is problematised as this oversight permeates the whole policy. There is, further, an evident, but undue, distrust of the existing voluntary ombud system, which is similarly addressed in this submission.

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