The Council of South African Banks (Cosab) has decided to appoint a "proper" ombudsman but it is not saying when.
Bob Tucker, Cosab chief executive and current ombudsman for the banking industry, says the appointment of an independent ombudsman runs parallel with a fundamental review of the existing code of conduct of the banking industry. It is also directly linked with the government's plans to regulate the marketing and financial services industry.
The role of the banking ombudsman and banking code of conduct is currently under debate and Tucker says there is agreement that both these matters should be reviewed.
Acknowledging that it is unsatisfactory for the banking ombudsman to come from the industry itself, Tucker says it has been decided as a matter of principle to end the link between the ombudsman and the chief executive of Cosab.
He also intends to change the past policy of not publishing reports on public complaints about the banking industry so that the public can be informed of appeals and learn what are the issues.
But the lack of a clear time frame for the appointment of an independent ombudsman for the banking sector has squashed hopes of the timely release of a report.
The appointment of an independent ombudsman will be a process, Tucker says.
"We are working very closely with the consumer councils and the Registrar of Banks and we are looking at other examples such as that of the British banking ombudsman."
While the work of the banking ombudsman has been largely unknown, ombudsmen of the short and long-term insurance industries have been releasing annual reports for a number of years.
Cosab is an umbrella body for five organisations the Clearing Bankers' Association, the Association of General Banks, the Merchant Bankers' Association, the Association of Mortgage Lenders and the Independent Bankers' Forum.