Survey finds dissatisfaction with handling of gripes

South African consumers do not often complain to financial institutions, but if they do, the majority are not happy with how their complaints are handled, the Financial Sector Conduct Authority (FSCA) finds in its research.

- Ina Opperman

They are usually dissatisfied that they regret taking out the financial product or service.

Consumers who took part in the survey for the Complaints Management Industry Review Report 2025 of the FSCA indicated that their experiences with internal complaints handling were largely negative, demonstrated by high consumer dissatisfaction scores.

The survey also showed that only 34% of consumers who participated were aware of financial institutions' internal complaint handling process, while only 8% ever lodged complaints.

A key part of the FSCA's mandate is to protect financial customers by promoting their fair treatment by financial institutions.