“Know your ombud” Episode 2

I’m joined by Reana Steyn, the head of the National Financial Ombud, to discuss the role of this ombud, and how it is a vital resource when you have a dispute with a financial institution.

Reana shares insights into the recently streamlined ombud process, which now brings together multiple schemes under one umbrella.

This significant change aims to simplify the complaint process for consumers, allowing them to seek assistance without the confusion of navigating various organisations.

When should you approach the ombud?

One of the key takeaways from our conversation is the importance of knowing when to approach the ombud.

Reana emphasises that you should first attempt to resolve your issues directly with the financial institution. However, if your complaints remain unresolved, the ombud is there to step in and provide free assistance.

This is a crucial point, as many consumers are unaware of the ombud’s existence and the services it offers, often turning to social media instead of seeking a formal resolution.

The fairness jurisdiction

Reana also discusses the ombud’s fairness jurisdiction, which allows it to go beyond strict legal interpretations and consider the broader implications of financial practices on consumers.

This means that if a particular clause in a contract is deemed unfair, the ombud can advocate for changes that benefit not just the individual but potentially all consumers facing similar issues.

In the last five months, the NFO has returned R300 million to consumers through the complaints process. This highlights the tangible impact that the ombud can have on people’s financial well-being, reinforcing the message that you should not hesitate to use this free service.

As we wrap up the episode, Reana encourages listeners to take action when faced with financial grievances. By coming forward and filing complaints with the ombud, you can contribute to a larger movement towards fairness and accountability 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. You can find episode 1 here.