S1 Ep3: Know Your Ombud Episode 3: Big Banks: David and Goliath

In this episode of "Know Your Ombud," host Maya Fisher-French chats to Nerosha Maseti , the lead Ombud for banking services at the National Financial Ombud (NFO). This episode aims to empower consumers by shedding light on their rights and the processes involved in lodging complaints against financial institutions.

Maya and Nerosha discuss the common grievances that consumers have with banks, particularly focusing on the importance of understanding when to escalate issues to the Ombud after attempting to resolve them directly with their bank. They clarify the distinctions between banking complaints and credit-related issues. 

Listeners will gain valuable insights into how the Ombud investigates cases, including those involving interest calculations and reckless lending. Nerosha shares real-life examples, illustrating the rigorous processes that the Ombud employs to ensure fairness and transparency in resolving disputes.

The episode also delves into the complexities of banking fraud cases, discussing the responsibilities of both consumers and banks when it comes to digital security. Nerosha emphasizes the importance of safeguarding personal banking information and the potential consequences of negligence in this area.

Join Maya and Nerosha as they demystify the Ombud's role, encouraging consumers to take charge of their financial rights and seek help when needed. Remember, the Ombud is a free service designed to assist you in resolving financial disputes, so don’t hesitate to reach out if you feel you’ve been treated unfairly!

If you feel let down by a financial provider, contact one of these trusted schemes:
 

• 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 

 This series was created in partnership with The Ombud Council.