NFO Appoints Head Ombud

Publication Date: 09/05/2024

The appointment of the first Head Ombud of the National Financial Ombud Scheme (NFO), Reana Steyn, is significant progress in ongoing efforts to ensure that South Africa’s banking and financial system treats customers fairly.

BASA supports the work of NFO, which is mandated to provide customers of financial institutions with access to free, independent and fair alternative dispute resolution procedures, when they have a disagreement with their financial services provider.  “It is important the customers have recourse to a mediator when they have a dispute with their bank, so that the outcome is credible and fair to the customer and the bank,” says Kunene.

The NFO is independent of the banking industry and government, although banks and other financial services providers will be contributing to the funding of the scheme.

BASA has worked with Steyn as Ombud for Banking Services and has every confidence in her understanding of the financial services industry and the needs of its customers and clients; as well as her ability to be efficient and fair in her engagements with all.