What happens when a financial service or product is available, but the information, communication or complaints process is not accessible?
For people with disabilities including, but not limited to, visual, hearing, mobility or cognitive disabilities that affect how they access financial products and services, participating in the financial system can involve barriers that others may not experience. This may mean that information may be available in inaccessible formats, digital platforms may prove challenging to navigate on, unsuitable communication methods may have been used and there may be a difficulty in accessing the financial ombud system when complaints with financial institutions remain unresolved
That is why financial inclusion is about more than access to financial products and services. It is also about fair treatment, accessible information and meaningful access to alternative dispute resolution.
Financial inclusion goes beyond access
Having access to a bank account, insurance policy, credit facility or pension fund does not necessarily mean that a financial customer can participate fully in the financial system.
Financial inclusion also means being able to:
- Understand information about financial products and services.
- Communicate with a financial institution.
- Understand and exercise financial rights.
- Raise a complaint when things go wrong.
- Access an appropriate financial ombud scheme, such as the National Financial Ombud (NFO), the FAIS Ombud, the Johannesburg Stock Exchange (JSE) Ombud and the Pension Funds Adjudicator (PFA), when a complaint remains unresolved.
For people with disabilities, each of these steps can present additional barriers.
Information may not be available in an accessible format. A website may not work effectively with assistive technology. A telephone-based process may not meet every financial customer’s communication needs. A physical location may present accessibility challenges.
These barriers can affect a financial customer’s ability to receive fair treatment by financial institutions.
What does fair treatment mean?
Financial customers in South Africa have the right to fair treatment by financial institutions, including the right to complain about unfair treatment. The Ombud Council’s responsibilities include making all financial customers, including people with disabilities, aware of the existence of the financial, ombud system as a free, accessible, informal alternative dispute resolution option and, what ombud schemes do, how they work, and how to access and use them effectively.
The TCF framework is based on six outcomes. They are:
- Customers can be confident they are dealing with firms where TCF is central to the corporate culture.
- Products and services marketed and sold in the retail market are designed to meet the needs of identified customer groups and are targeted accordingly.
- Customers are provided with clear information and kept appropriately informed before, during and after point of sale.
- Where advice is given, it is suitable and takes account of customer circumstance.
- Products perform as firms have led customers to expect, and service is of an acceptable standard and as they have been led to expect.
- Customers do not face unreasonable post-sale barriers imposed by firms to change product, switch providers, submit a claim or make a complaint.
When something goes wrong, what happens next?
A financial dispute does not automatically mean that the financial ombud system is the first step.
The usual starting point is to complain directly to the financial institution involved. This gives the institution an opportunity to investigate and resolve the matter.
It is important to keep records of the complaint, supporting documents and any responses received.
If the matter remains unresolved, a financial customer may be able to approach the appropriate financial ombud scheme.
Financial ombud schemes provide free, fair and independent alternative dispute resolution for financial customers within their respective areas of jurisdiction.
Where can all financial customers seek help?
South Africa’s financial ombud system includes several ombud schemes.
The Ombud Council oversees the financial ombud system and has 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. If a financial customer is not happy with their financial institutions’ response to their complaint, they should complain directly to one of the following ombud schemes overseen by the Council:
- National Financial Ombud (NFO): handles complaints about banking services, credit providers, life and non-life insurance, such as internet banking issues, credit card fraud, loans, debit orders, claims disputes and more.
- Pension Funds Adjudicator (PFA): resolves pension fund-related disputes about fund administration, investment and rule interpretation. Eligible complainants include members, beneficiaries, employers, spouses, fund boards and others with an interest.
- Ombud for Financial Services Providers (FAIS Ombud): deals with complaints about bad financial advice, mis-selling and intermediary services related to various financial products, including insurance, investments and crypto assets. The FAIS Ombud also has backup jurisdiction for complaints that other schemes do not cover.
- Johannesburg Stock Exchange Ombud (JSE Ombud): assists authorised JSE users and their clients with complaints under the JSE Market Rules. Contact the JSE group secretary or the head of group compliance for more information.
The Ombud Council does not investigate individual complaints or act as an appeal body. Its role is to oversee and support an effective financial ombud system.
The goal is simple: financial customers, including persons living with disabilities, should know what their rights are, what to do when those rights are not respected and where to seek help when a dispute remains unresolved.
Know your rights. Know your recourse.
When a financial dispute cannot be resolved directly with a financial institution, the financial ombud system can provide an important pathway to free and independent alternative dispute resolution.
Learn about your financial rights and find out where to seek recourse when things go wrong.
