The Ombud Council has released draft rules for the Financial Advisory and Intermediary Services Ombud (FAIS Ombud) and is inviting public comments until October 16, 2023. The draft rules propose several key changes, such as increasing the maximum compensation the FAIS Ombud can award and updating procedural clarifications. The FAIS Ombud, a key entity under the Financial Advisory and Intermediary Services Act, plays a pivotal role in resolving complaints related to financial services providers.
Key takeaways include a significant proposed compensation limit increase and enhanced dispute resolution processes. This represents a shift in regulatory responsibility from the Financial Sector Conduct Authority (FSCA) to the Ombud Council due to changes in legislation.
For stakeholders, this is a critical opportunity to provide feedback and understand new compliance landscapes. The draft rules are aimed at making the financial dispute resolution process more effective, fair, and aligned with current market realities.