Kaya 959 Kaya Biz

National Financial Ombud Scheme – A one-stop ombud scheme

Loading player...
GUEST – Reana Steyn - Lead Ombud for the Banking Division


The newly-formed National Financial Ombud Scheme (NFO) today announced the commencement of operations as
a single, one-stop, all-inone dispute resolution service made up of the four (4) former existing services -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).

The Ombud Council, granted the NFO recognition (under section 194 of the Financial Sector Regulation Act,
9 of 2017 (FSR Act), as an industry ombud scheme on 23 February 2024. Complaints will be accepted from 1 March 2024. All the services and assistance previously provided to individuals and companies by the previous Ombud schemes will now be available through
the newly established NFO, at no cost to consumers. The amalgamation to form the NFO is expected to leverage the success of their predecessors while providing a streamlined, co-ordinated, and less confusing alternate dispute resolution framework for financial
customers.
4 Mar 2024 3PM English South Africa Business News · Investing

Other recent episodes

Rustenburg mayor raises alarm over rise in illegal mining

Rustenburg Executive Mayor Sheila Mabale-Huma has raised concerns over the growing threat of illegal mining in the North West town. Her warning follows the deaths of 14 illegal miners and injuries to scores of others at a disused mine in Nkaneng near Rustenburg. The incident has again highlighted the dangerous…
19 Aug 2PM 10 min

South Africans Under Pressure: Inside the Q2 2026 Debt Index

DebtBusters’ Benay Sager breaks down the latest Debt Index, revealing consumers still using 64% of their income to service debt, with high earners needing 103% just to stay afloat. We unpack the surge in unsecured credit, cost‑of‑living shocks, multi‑lender borrowing, and why debt counselling outcomes are improving despite rising financial…
19 Aug 1PM 8 min

DRDGOLD’s Big Year: Earnings Surge & Vision 2028 Takes Shape

DRDGOLD CEO Niël Pretorius unpacks a standout FY2026 performance, with revenue up 42%, operating profit up 83%, and major Vision 2028 infrastructure coming online. We explore production stability, the company’s debt‑free position, dividend uplift, and how new assets like the Daggafontein TSF and DP2 expansion reshape future output.
19 Aug 1PM 15 min

SA Consumer Price Inflation slows to 4.3% in July

Nedbank Economist Isaac Matshego breaks down South Africa’s July CPI print, which eased to 4.3% as fuel prices softened and goods inflation cooled. We unpack the drivers behind the slowdown, the stubborn pressure from housing and utilities, and what this means for consumer wallets heading into the September MPC meeting…
19 Aug 12PM 16 min

Leaky Pipelines & Broken Rungs: Fixing Gender Gaps in Investments

PPS Investments’ Fran Troskie breaks down why asset management still struggles with gender parity — from caregiving burdens to promotion barriers, wage gaps, and murky leadership pathways. A candid Women’s Month conversation on redesigning the industry for true inclusion.
18 Aug 1PM 16 min
All episodes