How the National Financial Ombud Scheme is transforming financial dispute resolution

Dieketseng Maleke dieketseng.maleke@inl.co.za

The creation of the National Financial Ombud Scheme (NFO) in South Africa was a game-changer for the financial services sector, according to the NFO. It says it brought together the Ombudsman for Banking Services (OBS), the Credit Ombud (CO), the Ombudsman for Long-Term Insurance (OLTI), and the Ombudsman for Short-Term Insurance (OSTI) into one powerful body. This move gave consumers and businesses a single place to turn to for fair and equitable solutions to disputes and complaints in the financial world – something that used to be handled separately by these different schemes, it says. As the NFO celebrates its first birthday, Reana Steyn, the NFO head ombud, looks back on the past year with pride. “We have had an important impact on the lives of thousands of South Africans…

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Cape Argus (Digital) - 1 Issue, 2025-03-11

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