In South Africa, we have consumer protection laws which means that you have rights and there are ways to exercise these rights.
Having a poor experience with a financial institution or person can be overwhelming and you may not know where to turn. Knowing what to do and who to talk to can relieve some of this stress.
Been treated unfairly and want some help? Check out our seven guidance steps below:
REMEMBER: Before you invest your hard-earned money with an institution or individual, it’s important to do your research to avoid any fraudulent schemes or illegal operators. Make sure they are registered or licensed with the Financial Sector Conduct Authority (FSCA). That way you have recourse in the case of a dispute.
When you have been treated unfairly or have a complaint, the first step is to follow the complaint process with that specific financial institution. Keep all the records of your communications with them.
If there is still no satisfactory resolution, you can then contact the relevant Ombud office:
Financial Sector Conduct Authority
Tel: 0800 20 37 22
Email: info@fsca.co.za
Website: www.fsca.co.za
Pension Funds Adjudicator
Tel: 012 346 1738 / 012 748 4000
Email: enquiries@pfa.org.za
Website: www.pfa.org.za
Credit Information Ombud and NCR
Tel: 0861 662 837
Email: ombud@creditombud.org.za
Website: www.creditombud.org.za
National Credit Regulator:
Tel: 0860 627 627
Email: complaints@ncr.org.za
Website: www.ncr.org.za
Ombud for Financial Service Providers (FAIS Ombuds)
Tel: 012 762 5000
Email: info@faisombud.co.za
Website: www.faisombud.co.za
Ombud for Long-term Insurance
Tel: 0860 103 236
Email: info@ombud.co.za
Website: www.ombud.co.za/
Ombud for Banking Services
Tel: 0860 800 900
Email: info@obssa.co.za
Website:www.obssa.co.za/
Tax Ombud
Tel: 012 431 9105
Email: office@taxombud.gov.za
Website: www.taxombud.gov.za
Want to learn more about rights & recourse?
Listen to our radio clips to learn more about your rights as a consumer and, importantly, what you can do if you feel that you have been unfairly treated by a financial institution or person. There are options: click here to listen to them.
