The maximum compensation limit the Ombud for Financial Services (Fais Ombud) can award to consumers and investors for financial prejudice or damage has been raised from R800 000 to R3.5 million.
This is in terms of new rules for the Fais Ombud published by the Ombud Council on Monday.
Fais Ombud Advocate John Simpson welcomed the publication of the rules for his office, which are effective Monday.
Leanne Jackson, chief ombud of the Ombud Council, said on Monday the rules are binding regulatory instruments made under the Financial Sector Regulation Act (FSR Act) and come into operation on the date of publication.
Limit increase the most significant changeSimpson said the increase in the jurisdictional limit from R800 000 to R3.5 million is the most significant change to the rules.
