The amalgamation of 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 the National Financial Ombud Scheme (NFO) marked a significant moment for the financial services sector in South Africa as consumers and companies within the financial services sector gained access to a single body that was able to address all complaints and disputes within the financial sector, previously dealt with by the separate schemes, fairly and equitably.
Reflecting on the establishment of the NFO on its first anniversary, Reana Steyn, NFO Head Ombud, says that the NFO has made a significant impact since its amalgamation one year ago. "We have had an important impact on the lives of thousands of South Africans by offering a vital safety net and recourse mechanism following any form of maladministration, disputes with the financial service providers or a significant financial loss. Few realise how important it is to have access to this kind of assistance until they become a victim of fraud, or suffer a loss," says Steyn.
