“Know your ombud” episode 3

In the latest episode of our “Know Your Ombud” series, we dive into the world of financial services with Nerosha Maseti, the lead ombud for banking services.

With an increasing number of complaints about banking practices, it’s crucial for consumers to understand their rights, as well as the resources available to them.

The episode begins with an overview of the role of the National Financial Ombud (NFO), which is a free service for all South Africans.

Many people are unaware that they can lodge a complaint without needing a lawyer, making it easier for them to seek justice.

Nerosha explains the various types of complaints that the NFO deals with. These include reckless lending, interest calculations, and banking fraud.

When should you approach the ombud

One key takeaway from the episode is the importance of understanding when to approach the ombud.

Nerosha emphasises that you should first attempt to resolve your issue directly with your bank. If you feel that you concern has not been adequately addressed, then you can turn to the ombud for assistance.

This process not only empowers consumers but also helps to foster a better relationship between banks and their customers.

Nerosha shares case studies, including one involving a consumer whose bank account was compromised due to malware.

The complexities of liability in such cases highlight the responsibilities of both the consumer and the bank. While consumers must protect their banking information, banks are also obligated to provide secure services and respond promptly to fraud reports.

Another important point raised is the misconception that banks are responsible for issues arising from dealership transactions during car financing.

In a notable case, a consumer was upset about the price of a car he financed, but the ombud ruled in favour of the bank because the consumer failed to read the financing documents.

This serves as a reminder that as a consumer, it is your responsibility to read and understand the agreements you enter into.

As the episode wraps up, Nerosha urges listeners to be proactive in understanding their financial rights and responsibilities. She stresses that consumers have the right to redress and should not hesitate to seek help when they feel wronged.

Contact details

If you feel let down by a financial service provider, you can contact the appropriate ombud scheme via the links below:

• Ombud for Financial Services Providers (FAIS Ombud): Disputes related to financial advice
• Office of the Pension Funds Adjudicator (OPFA): Disputes related to pension funds
• JSE Ombud: Disputes related to the JSE
• National Financial Ombud Scheme (NFO): Disputes related to banking, credit, and insurance

This podcast series was created in partnership with The Ombud Council.