Tag Archives | Banks


Ombudsman sets out what consumers should know about prescription

The Ombudsman for Banking Services (OBS) has issued a communication that alerts consumers to their rights when it comes to debt that has prescribed. According to ombudsman Reana Steyn, most consumers are ignorant that creditors are prohibited from collecting prescribed debts that fall under the National Credit Act (NCA). The Prescription Act, read with section […]

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Policyholders, investors ‘should be extra vigilant’ following TransUnion data breach

The Association for Savings and Investment South Africa (Asisa) has cautioned policyholders and investors to expect an increase in phishing attempts and approaches from criminals impersonating representatives from life insurers and investment companies following the data breach at TransUnion South Africa last week. On Thursday, TransUnion said one of its servers had been hacked “through […]

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South African Banking Sentiment Index 2020 – Banks fail social media response test horribly

New entrants, African Bank and Discovery Bank, claimed the first and last positions respectively in BrandsEye’s annual South African Banking Sentiment Index. In its fifth year of producing the Index, BrandsEye collected more than 2 million social media posts from consumers about South African banks from September 2019 to August 2020. The posts are analysed […]

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The FSCA and Cybercrime

Cybercrime continues to evolve, with new threats surfacing every day. Last year an Accenture study revealed a huge spike in cyberattacks on all fronts – banks, Internet service providers (ISPs), utilities and ecommerce platforms were hit, as were consumers. In a recent media release the FSCA confirmed that more than nine attempted attacks take place […]

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Conduct Standard for Banks – About disclosures and how it aligns to TCF

The Financial Sector Conduct Authority (FSCA) recently published a Conduct Standard for banks along with a document detailing its expected impact and a report on the consultation process. “Over the past decade a number of conduct weaknesses have been identified in the South African banking sector. With the advent of the FSRA in 2018, the […]

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Final Conduct Standard for Banks – Aims to ensure fair treatment of bank customers

“The Conduct Standard for Banks is the first step towards rolling out a comprehensive market conduct regulatory framework for the banking sector. The main objective of the Conduct Standard is to introduce requirements ensuring the fair treatment of financial customers of banks,” the FSCA notes in FSCA communication 38 OF 2020 (BANKS). The just-released Conduct Standard […]

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National Credit Amendment Bill – Why the banks are concerned

Last week, President Cyril Ramaphosa signed the controversial National Credit Amendment Bill into law. In short, the legislation will provide debt relief for consumers who earn R7 500 per month or less and have unsecured debt amounting to R50 000 by suspending the debt in part or in full. The Bill has specifically been criticised by the […]

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Draft Conduct Standard for Banks – Aims to promote fair treatment of customers

The FSCA has just released a Draft Conduct Standard for Banks. The objective of the document is to introduce requirements that promote the fair treatment of financial customers of banks. The draft Conduct Standard was designed to follow the approach of the six “Treating Customers Fairly (TCF) Outcomes” as well as the steps of a […]

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South African best banks – Digital agility key to success

Forbes recently partnered with market research firm Statista to measure the best banks in nearly two dozen countries, including South Africa. The banks were rated on overall recommendation and satisfaction, as well as five sub dimensions, namely trust, terms and conditions, customer services, digital services and financial advice. Between 5 and 60 banks were identified […]

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