Leanne Jackson has been appointed as the Chief Ombud of the Ombud Council by Finance Minister Enoch Godongwana.
The appointment is made in accordance with section 188 (1)(2) of the Financial Sector Regulation Act No. 9 of 2017 and is effective as of November 1, 2022. (FSR Act).
Amid the FSR Act’s section 175 was the creation of the Ombud Council. Its goal is to help make sure that financial customers have access to and can use alternative dispute resolution processes that are reasonably priced, efficient, independent, and fair when they have complaints about financial institutions regarding financial products, financial services, and services offered by financial infrastructures.
The Finance Ministry said in a statement that the appointment of the current interim Chief Ombud, Eileen Meyer, was a temporary measure to allow the Ombud Council to function and the Board to begin the hiring process for a full-time Chief Ombud. The contract for Meyer expires on October 31, 2022.
“As the Chief Ombud, Ms. Jackson is mandated to establish and operationalize the office of the Ombud Council and implement the functions set forth in Chapter 14 of the FSR Act,” the Ministry stated. “She is required to act to the benefit and in the interests of the South African public and of the Ombud Council, and to avoid any conflict between her interests and those of the Ombud Council.”
Jackson is a self-employed financial regulatory expert with a wealth of knowledge in public and private sector financial sector policy and regulation.
She has played a significant role in the creation and implementation of important elements of the regulatory framework for the South African financial sector, such as the Treating Customers Fairly consumer protection framework, the Retail Distribution Review, and all related publications that helped to draft the FSCA’s Regulatory Strategy.
She helped create the Conduct of Financial Institutions (COFI) Bill, the FSR Act, the Insurance Act and Policy Protection Rules, several provisions of the Financial Advisory and Intermediary Services (FAIS) Act, the Draft Banking Standards, and many other important pieces of legislation.
Godongwana wished Jackson well in her new position and congratulated her on her appointment.
For “her remarkable role in pushing the first process of establishing up the Ombud Council,” the Minister acknowledged the departing temporary Chief Ombud.