“Know your Ombud” is a series of conversations aimed at helping consumers of financial services understand their rights and where to go if they are not treated fairly.

The financial ombud schemes include the National Financial Ombud, the FAIS Ombud, the JSE Ombud, and the Pensions Funds Adjudicator.

An ombud provides an independent, impartial, fair, timely and efficient dispute-resolution process. Lodging a complaint with an ombud is free and you do not have to appoint a lawyer.

In each episode of this podcast series, we speak to key people involved in the ombud system to understand the cases they deal with and how the ombud adjudicates complaints.

We examine cases where the ombud has ruled in favour of the consumer, as well as those that were adjudged in favour of the financial institution.

Episode 1: Who oversees the Ombuds?

All of the financial ombud schemes are overseen by the Ombud Council.

In this introductory episode, I interview Leanne Jackson, the CEO of the Ombud Council, to understand how the financial ombud system works in South Africa.

There have been significant changes since the establishment of the Ombud Council, which is the regulatory body that oversees the various financial ombud schemes.

We discuss the role of the Ombud Council, and how the various ombud schemes apply the principles of Treating Customers Fairly.

This goes beyond just the legal contract and looks at whether the contract or treatment of the consumer was fundamentally fair.

It also highlights the importance of consumers using the ombud system which can lead to systemic changes in the financial sector.

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.