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Consumers in South Africa are offered a wide range of protection in the form of legislated consumer rights. These rights have been developed and applied over…
May 20, 2021 Retail banks are under increasing pressure to innovate and personalize their products and services for the benefit of their customers, yet at the same time they are subject to rapidly developing laws and regulations concerning the protection and processing of their customers’ personal data. By Chantel van Zyl, senior sssociate, and Janet MacKenzie, partner and head of the technology, media and telecommunications practice at Baker McKenzie, Johannesburg The Deloitte Future of Retail Banking Report (2020) noted that progress in other industries – for example in retail (tailored...
“We define a vulnerable consumer as someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a bank is not acting with appropriate levels of care,” says banking ombudsman Reana Steyn. Factors that determine whether you are a vulnerable consumer include your age, life events (such a death, divorce, retrenchment or crime perpetrated against you), literacy levels and physical disabilities. A case study in the banking ombud’s annual report for 2020 ties in with the vulnerable consumer policy. The 78-year-old complainant fell victim to fraud...
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 ...