Finance Minister Enoch Godongwana has appointed Leanne Jackson chief ombud of the Ombud Council, for a period of five years from November 1.

The Ombud Council, which was established in May last year, serves to assist in ensuring financial customers have access to effective, independent and fair alternative dispute resolution processes for complaints about financial institutions.

Jackson is an independent financial regulation consultant, with extensive experience in financial sector policy and regulation, in the public and private sector. She was involved in the development of key South African financial sector legislative frameworks such as the Treating Customers Fairly consumer protection framework and the Retail Distribution Review.

She has also contributed to financial legislative documents such as the Conduct of Financial Institutions Bill, the Insurance Act and Policy Protection Rules, as well as aspects of the Financial Advisory and Intermediary Services Act.

Jackson succeeds Eileen Meyer, who served as interim chief ombud while the board started the process of making a full-time appointment.

As chief ombud, Jackson is mandated to act to the benefit, and in the interest, of the South African public and of the Ombud Council, and to avoid any conflict between her interests and the interests of the council.

The Ombud Council has oversight powers over both the statutory and industry financial sector ombuds. It recognises industry schemes that meet minimum requirements, sets enhanced governance and accountability requirements and harmonises and strengthens standards of practice for each ombud scheme.

The council does this through rule-making and enforcement powers, to develop a uniform and consistent framework for external dispute resolution mechanisms across the financial services sector.