Debtfree Magazine Issue 6 of 2021
SA's Free Magazine all about dealing with debt, debt review & debt counselling. This month we talk about the POPI Act and the recent Africrypt Scam where up to R54 Billion could have been stolen.
SA's Free Magazine all about dealing with debt, debt review & debt counselling. This month we talk about the POPI Act and the recent Africrypt Scam where up to R54 Billion could have been stolen.
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NEW RULES MAKE IT
HARDER FOR BANKS TO
IGNORE COMPLAINTS
Treating clients fairly has become a big focus in the world
of finance. Around the world regulations and rules are being
put in place to try to ensure that the imbalance between the
lone consumer and the giant bank organisation is minimized.
In July 2020 a conduct standard was published under the
Financial Sector Regulation Act. Many of the provisions in
that conduct standard have already come into effect and
in July this year, a section on how complaints are deal with
and reported on will come into full effect.
This will mean that it will be harder for banks to ignore
complaints. Even complaints made on social media. A
recent report showed that this is one area where banks can
vastly improve. It seems that as much as 50% of social media
complaints against banks go unattended.
Banks will now be required to report to their governing
bodies and other committees about complaints, risks, trends
and steps taken to deal with these.
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