FSCA's review reveals critical gaps in banks' complaints handling processes

The Financial Sector Conduct Authority (FSCA) has shed light on significant discrepancies in the complaints management processes of South Africa's banking sector. This comes following a comprehensive thematic review aimed at measuring the alignment of these processes with established regulatory requirements. The findings reinforce the FSCA's unwavering commitment to enhancing industry practices while ensuring the fair treatment of financial customers. The FSCA is the market conduct regulator of financialinstitutions in South Africa manfated to protect financial customers bypromoting fair treatment of financial customers by financial institutions, including banks Conducted as part of the FSCA's ongoing supervisory efforts, the review assessed how effectively banks were managing complaints, particularly in relation to Conduct Standard 3 of 2020 (Banks). This pivotal standard, which came into force in July 2021, lays down rigorous expectations…