The Financial Services Tribunal (FST) has set aside the debarment of a representative who shared confidential proprietary information with his wife and who signed up with a competing FSP while still employed by Nedbank. According to the FST, the representative, “PH”, signed an employment contract on 29 July 2021 with another FSP while employed by […]
First National Bank (FNB) was the only bank among the country’s “big five” banks that recorded a decrease in the number of cases opened against it by the Ombudsman for Banking Services (OBS) in 2021. Both Standard Bank and Capitec saw the number of formal cases opened against them increase by more than 30% last […]
A former Nedbank employee whose withdrawal benefit was withheld has failed to convince the Financial Services Tribunal (FST) to have the Pension Funds Adjudicator reconsider her decision to dismiss his complaint. At Nedbank’s request, the Old Mutual Superfund Provident Fund withheld the withdrawal benefit of “GF”, on the grounds that he was overpaid from February […]
The release of Solidarity’s annual Bank Charges Report usually generates a fair bit of interest, probably because consumers want to see whether Capitec will live up to its reputation as the country’s cheapest bank. Although the report’s findings are often touted as showing which bank is “the cheapest”, its conclusions are based on specific criteria […]
Nedbank says it committed no wrong in relation to the interest rate swap transactions it concluded with Airports Company SA (Acsa) between 2009 and 2011. The bank was responding to Acting Chief Justice Raymond Zondo’s recommendation that the law enforcement agencies should investigate Nedbank and its employees for their alleged role in a “corrupt” contract […]
