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For the first time in SA there is a specific law on how banks treat customers

8 July 2020 7:42 PM
Tags:
Caroline Da Silva
banks
Banks Act

Caroline Da Silva of the FSCA says they will look into patterns of complaints to see how to change a bank's behaviour.

Small businesses will find out if they will be getting payouts from insurance companies that they are expecting as a result of paying premiums, some for many years, for something called business interruption insurance.

For the first time in South Africa, there is a specific law that deals with how banks treat you and how they interact with you.

Bruce Whitfield on The Money Show finds out more from Caroline Da Silva, deputy executive for regulatory policy at the Financial Sector Conduct Authority (FSCA).

This is really a big milestone in that today we have legislation that can give us authority when we supervise banks to make sure that they treat customers fairly.

Caroline Da Silva, Deputy executive for regulatory policy - FSCA 

Now have legislation that empowers us to make directives. The powers that are granted to us in terms of the Financial Sector Regulations Act are the same now for banks as they are for insurers.

Caroline Da Silva, Deputy executive for regulatory policy - FSCA 

We don't aim to interfere with the ombudsman's role, which is a very important one in terms of adjudication of complaints. We will look into patterns of complaints to see how banks are behaving and preemptively change behaviour to prevent these complaints in the future.

Caroline Da Silva, Deputy executive for regulatory policy - FSCA 

Listen below for the full interview...


8 July 2020 7:42 PM
Tags:
Caroline Da Silva
banks
Banks Act

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