Released 27 November 2025
As the year winds down and the excitement of Black Friday fills the air, the Ombud Council is urging South Africans to shop wisely, understand their rights, and protect their financial well-being. While the season brings opportunities to save, it also comes with risks; from hidden costs and misleading offers to overextended credit and unregistered financial services providers. Knowing your rights as a financial customer can make all the difference in protecting your right to fair treatment and fair financial dispute resolution.
Understanding Your Financial Protection Under the FSR Act
The Ombud Council, established under the Financial Sector Regulation Act, 2017 (FSR Act), assists in ensuring that financial customers have access to and can use, affordable, effective, independent and fair alternative dispute resolution processes for complaints about financial institutions. This means that financial customers can rely on free, impartial and independent help from the relevant financial ombud scheme if things go wrong, and they can have the confidence that these schemes operate fairly and effectively for everyone.
During busy shopping periods like Black Friday, financial customers are reminded that they have the right to be treated fairly by financial institutions, in line with the Treating Customers Fairly (TCF) outcomes which require that:
- Customers are confident that they are dealing with institutions that put their fair treatment at the centre of their culture;
- Customers receive clear, appropriate and timely information and communication before, during, and after signing an agreement;
- Customers are provided with suitable advice that matches their needs;
- Products and services are marketed and sold that perform as promised and meet acceptable standards; and
- Customers are not faced with unnecessary obstacles when changing a product, switching providers, submitting a claim, or lodging a complaint.
Smart Shopping and Financial Redress During Black Friday
Black Friday can be rewarding if approached with caution and informed decision-making. The Ombud Council encourages South Africans to keep the following in mind before making purchases or signing financial agreements:
- Use registered financial services providers: Always verify that the provider you’re dealing with is registered with the Financial Sector Conduct Authority (FSCA) or the National Credit Regulator (NCR). You can check at fsca.co.za and www.ncr.org.za.
- Registered providers are bound by law to follow fair conduct standards: and if something goes wrong, you’ll be able to seek help from the appropriate ombud scheme.
- Read the fine print: Before committing to credit, insurance, or purchase agreements, make sure you fully understand the terms, costs, and repayment obligations.
- Beware of instant credit traps: Many retailers offer “buy now, pay later” or easy credit. Always check the interest rate, repayment period, and fees.
- Check for hidden costs: Delivery fees, insurance add-ons, or unclear guarantees can quickly inflate prices.
- Don’t spend more than you can afford: Set a realistic budget and avoid impulse spending that leads to unnecessary debt.
- Know where to turn if things go wrong: If you experience unfair treatment or you have an unresolved complaint about a financial service or product offered by a financial institution or are misled into signing up for a financial product, you can seek help through one of South Africa’s recognised financial ombud schemes.
Online Shopping Safety Tips
Fraud complaints, especially digital banking fraud, are the most common type of complaint received by the Banking Division of the National Financial Ombud Scheme (NFO). Between March and December 2024, 30% of all banking complaints were fraud-related and this has increased to about 40% so far this year.
Ombud Council Chief Ombud, Ms Leanne Jackson, stresses “While much of this fraud is perpetrated by third-party actors, financial customers must protect their customers. The financial ombud system ensures fair resolution, and we are working with the FSCA to identify sector-wide improvements to reduce risk and secure fair outcomes.” It’s important to stay vigilant and protect your personal and financial information:
- Use reputable websites.
- Ensure there are valid contact details where you can lodge a complaint or send queries after a transaction.
- Confirm delivery timeframes to make sure goods will arrive when needed.
- Read the terms and conditions and check for any hidden costs.
- Search the internet for reviews or complaints about the supplier.
- Use secure payment platforms and always keep a record of your transaction.
Where to Go for Help
The financial ombud system provides free, independent, and fair dispute resolution without the need for lawyers. Depending on the issue, customers can approach:
- The National Financial Ombud (NFO) for banking, credit, life or non-life insurance complaints – https://www.ombudcouncil.org.za/national-financial-ombud-scheme/
- The FAIS Ombud for bad financial advice or mis-sold products – https://www.ombudcouncil.org.za/ombud-for-financial-services-providers/
- The Office of the Pension Funds Adjudicator (OPFA) for retirement fund disputes – https://www.ombudcouncil.org.za/pension-funds-adjudicator/
- The JSE Ombud for issues under Johannesburg Stock Exchange rules – https://www.ombudcouncil.org.za/jse-ombud/
In the past year, more than 49,000 complaints were resolved across these schemes, returning at least R457 million to customers.
Shop Smart, Stay Informed
The Ombud Council reminds customers that true savings come not only from discounts but from making informed financial choices. By verifying providers, understanding your rights, and knowing where to go for help, you can protect yourself from unfair practices and enjoy a safer, more confident shopping season.
About the Ombud Council
The Ombud Council is established by the Financial Sector Regulation Act, 2017 (FSR Act) with a mandate to assist in ensuring that financial customers have access to and are able to use affordable, effective, independent, and fair alternative dispute resolution processes for complaints about financial institutions in relation to financial products, financial services, and services provided by market infrastructures. The Council oversees four ombud schemes: the National Financial Ombud (NFO), the Ombud for Financial Services Providers (FAIS Ombud), the Office of the Pension Funds Adjudicator (OPFA), and the Johannesburg Stock Exchange (JSE) Ombud.
For more information on your rights and which ombud scheme can assist you, visit www.ombudcouncil.org.za.
Enquiries: communications@ombudcouncil.org.za
Website: www.ombudcouncil.org.za
For more updates, news and information from the Ombud Council, follow us on our website and social media platforms: www.ombudcouncil.org.za
