From next month (February 1, 2023), Silindile Kubheka will be the chairman of the Ombud Board. He will replace Deanne Wood, who chaired the Ombuds Council from its inception until December 2022.
Kubheka will be joined by Lebohang Senne who will be a member of the Ombud Board of Directors.
The appointment was made by the Minister of Finance, Enoch Godongwana, in accordance with article 180 of the Financial Sector Regulation Law Number 9 of 2017. The new appointee will serve for a period of three years, starting on February 1, 2023.
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Former member of the Board of Directors
Kubheka has been a member of the Board of Directors of the Ombud Board since November 2020. According to the Department of Treasury, he is currently the Head of Group Finance: Risk Governance and Compliance at Transnet SOC LTD.
Kubheka is a finance professional with over 19 years of experience in the government and private sectors.
Senne is an experienced Chartered Accountant; currently vice-chairman of the Financial Reporting Standards Council (FRSC).
The Minister thanked Deanne Wood for her exceptional diligence and service during the establishment phase of the council. Wood was a Fasken partner and specialist in insurance and financial services law, and pension law and regulatory law when he was appointed.
The minister thanked the chief executive
The minister also thanked Advocate Dikeledi Chabedi, the deputy chairman of the board, who is acting chairman to ensure continuity in the board pending the appointment of a new chairman.
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The Ombud Board seeks to help ensure that financial customers have access to, and can use an affordable, effective, independent and fair alternative dispute resolution process for complaints about financial institutions in relation to financial products, financial services and services provided by financial infrastructure . .
The Ombud Board was established through the Financial Sector Regulation (FSR) Act (2017), Chapter 14.
However, the Ombuds Council does not handle customer complaints itself, but oversees all financial sector ombud schemes, in principle operating as a regulatory authority for ombuds.
*Compiled by Devina Haripersad