These are the most complained-about banks in South Africa
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The Ombudsman for Banking Services (OBS) has published its annual report for 2020, revealing the relationship between the country’s largest banks and their clients.
In 2020, the OBS said it opened a record 7,717 formal cases, compared to the 6,472 cases – a 19% increase in complaints in the sector. During 2020, the OBS said it closed 7,230 cases compared to the 2019 closures of 6,133 – an 18% increase.
In addition, the OBS recorded an even more significant increase in the number of referrals received in 2020. “Referrals are complaints received by the OBS from complainants who have not afforded the bank an opportunity to first resolve the issue with them.
South Africa s five biggest banks
With one – rather large – exception, there were more complaints about the big five banks before the banking ombud in 2020, numbers published on Wednesday show.
Complaints about Absa dropped so sharply that it went from the second most complained about to the least complained about.
Standard Bank, on the other hand, saw a very big increase in the number of complaints.
But not as big as Capitec s increase.
Every other major bank also saw an increase in complaints, with the increase for First National Bank big enough to keep it in the lead.
First National Bank was, for the second year running, the bank about which it received the most complaints, numbers published by the Ombudsman for Banking Services (OBS) on Wednesday show, only more so than before.
Ontario Securities Commissionâs Investor Advisory Panel Releases 2020 Annual Report Date
06/05/2021
The Investor Advisory Panel (the IAP) today released its 2020 Annual Report summarizing its activities, submissions, consultations, and meetings during the calendar year.
In 2020, the IAP focused on the impact of the COVID-19 pandemic on retail investors, and the implications of several recommendations made by Ontario’s Capital Markets Modernization Taskforce in its interim and final reports. Additionally, the IAP continued to focus on what it considers to be critical areas of investor protection, including: credentialing, competencies and misleading titles; discontinuing embedded commissions such as deferred sales charges (DSCs); addressing the risks of syndicated mortgages; implementing the Client Focused Reforms; strengthening the Ombudsman for Banking Services and Investments (OBSI); understanding the impact of disruptive trends in the investment space on retail i
Apr 19, 2021
With an increase in banking fraud, and a modus operandi of targeting online transactions, banks are continuing to evolve their products, services and systems to try and stay ahead of fraudsters.
This is being achieved through the development and introduction of world-class security systems and technologies which will aim to protect consumers from becoming potential fraud victims.
However, the banks are sadly unable to fully protect consumers from falling prey to the tactics used by fraudsters to obtain confidential information such as banking details, card information and one-time-pins (OTPs).
Despite numerous (regular) warnings regarding this from the banks, the South African Banking Risk Information (SABRIC), and numerous media based messages (TV, radio, online publications and interviews) by the Ombudsman for Banking Services (OBS), the OBS continues to receive complaints on a daily basis from consumers’ who were deceived into providing the confidential banking
MONEYWEB
app instead?
A warning from the Ombudsman for Banking Services.
By Reana Steyn
17 Apr 2021 00:26
Image: Shutterstock
With an increase in banking fraud, and a modus operandi of targeting online transactions, banks are continuing to evolve their products, services  and systems to try and  stay ahead of fraudsters. This is being achieved through the development and introduction of world-class security systems and technologies which will aim to protect consumers from becoming potential fraud victims.
However, the banks are sadly unable to fully protect consumers from falling prey to the tactics used by fraudsters to obtain confidential information such as banking details, card information and one-time-pins (OTPs).