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 Pension Funds Adjudicator, which are all overseen by the Ombud Council. Lodging a complaint with an Ombud is free and you do not have to appoint a lawyer.
In each episode, we speak to key persons from 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 and those that go in favour of the financial institution.
In this introductory episode we 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.
In this episode Leanne and Maya discuss the role of the Ombud Council but also how the 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.
If you feel let down by a financial provider, contact one of these trusted schemes:
- Ombud for Financial Services Providers (FAIS Ombud) for financial advice disputes – faisombud.co.za
- Office of the Pension Funds Adjudicator (OPFA) for pension fund related disputes – pfa.org.za
- JSE Ombud for JSE-related issues – jse.co.za
- National Financial Ombud Scheme (NFO) for banking, credit, and insurance – nfosa.co.za