Consumers get cash

OMBUD: PUT NEARLY HALF A BILLION RAND IN COMPLAINERS' POCKETS

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The National Financial Ombud Scheme has put almost half a billion rand back in consumers' pockets in its first year after the amalgamation of the Ombudsman for Banking Services, the Credit Ombud, the Ombudsman for Long-Term Insurance and the Ombudsman for Short-Term Insurance.

The amalgamation marked a significant moment for the financial services sector as consumers and companies in the financial services sector gained access to a single body that manages all complaints and disputes in the financial sector fairly and equitably.

Reana Steyn, head ombud at the National Financial Ombud Scheme (NFO), says the NFO made a significant impact since its amalgamation a year ago.

"We had an important impact on the lives of thousands of South Africans by offering a vital safety net and recourse mechanism following any form of maladministration, disputes with the financial service providers or a significant financial loss," she said.