Short-term Bank Deposit Complaints – the FAIS Ombud can help!

As a result of the introduction of the Financial Sector Regulation Act on April 1 of this year, the FSCA is now more than ever dedicated to regulating market conduct across all financial institutions in South Africa.

This includes the market conduct of banks in South Africa, which as a result will be directly regulated for the first time. In this regard, National Treasury and the FSCA have published for public comment a diagnostic study prepared by the World Bank aimed at ensuring fairer retail bank practices in South Africa, titled “South Africa Retail Banking Diagnostic: Treating Customers Fairly in relation to Transactional Accounts and Fixed Deposits.

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