Regulations are forcing banks to put you first
Share
There has been a shift among the major retail banks in adopting a more customer-centric culture and improvements in how they treat and service you. However, the banks are still failing consumers through poor service from call centres and not doing more to assist those whose accounts have been hacked by fraudsters.
This was revealed in a press briefing last week by the Financial Sector Conduct Authority (FSCA), which only relatively recently has taken on the task overseeing the market conduct of the banking sector.
The FSCA reported back on how banks were responding to new regulations imposed on them since the introduction in 2017 of the so-called “twin peaks” regulatory regime, under which their financial wellness is monitored by the Prudential Authority (within the South African Reserve Bank), but their market conduct now falls under the FSCA.
To view all features and options, click here.
A monthly subscription is charged pro rata, based on the day of purchase. This is non-refundable and includes a R5 once-off sign-up fee.
A yearly subscription is refundable within 14 days of purchase and includes a 365-day membership.
Only one of the six large retail banks saw a decline in the number of complaints versus the prior year. The ombud notes that increases need to be seen âin light of the overall increase in number of complaints received” by the OBS.
FNB had 2 197 complaints opened against it, the highest among the five banks.
SA banks are closing accounts without warning, complaints data suggests Business Insider SA
facebook
email
South African banks have taken to closing client accounts without notice, data released by the Ombudsman for Banking Services suggests.
In previous years, internet banking was the biggest source of serious complaints that office receives.
But in 2020, current accounts – previously relatively trouble free – saw a spike in complaints.
Fraud, fees, and charges were big reasons for those complaints, says the ombud.
And so was accounts being closed.
For more stories, go to
Banks in South Africa are closing client accounts without – according to the clients, fair warning – at a significant rate, data released by the banking regulator suggests.
Complaints against SA s major banks jump in 2020, only Absa improves
12 May 2021 8:14 PM
Share This:
FNB is South Africa s most complained about bank according to the Ombud for Banking Services annual report.
South Africa s big five banks - bar Absa - recorded an increase in complaints in 2020.
The annual report published by the Ombudsman for Banking Services (OBS) shows that First National Bank (FNB) is at the top of the list, for the second year running.
Absa on the other hand, recorded the least complaints after being the most complained about bank in 2018.
We are particularly pleased about the inroads made with regards to fraud-related complaints. Given the rapidly changing fraud landscape, a major factor in turning the tide on complaints has been Absaâs comprehensive re-engineering of its approach to dealing with customers who have been defrauded, and our market-first, free Digital Fraud Warranty.
The Ombudsman for Banking Services says fraud complaints are on the rise. In 2020, the Ombud held some banks accountable for not acting quickly to stop fraudsters.