Bank fraud: FICA doesn’t create a private law right to third-party damages
A couple who were victims of business email compromise argued that FICA imposed a private law duty on Nedbank to protect them from financial harm.
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Tribunal rejects adviser’s defence in confidentiality breach case
The adviser said she shared the client information to prove her remuneration when applying for a job with a competitor.
BHI Trust fallout: beneficiaries reluctant to return millions amid sequestration scrutiny
Investors’ money was allegedly funnelled through offshore trust accounts and ‘cleaned’ via extensive gambling activities by ‘close and related-party enablers’.
OBS reports record high complaints in 2023 as it transitions to NFO
The Ombudsman for Banking Services was kept busy with complaints about current accounts, loans, savings accounts, credit cards, and home loans.
‘State capture transactions’: Nedbank to pursue counterclaims
Transnet and the SIU institute legal proceedings against Nedbank to set aside interest rate swaps that occurred when the SOE was advised by Regiments Capital.
What the SARB is waiting for before it starts cutting the repo rate
Headline inflation softened to 5.2% in April, but the upside risks remain, particularly from food prices.
Nedbank will defend itself in legal action related to ACSA transactions
The bank also says it closed the accounts of some 190 clients in 2023 following ‘reviews of client activity and related reputational risks’.
Financial Intelligence Centre must hand over reports on EOH, KPMG, Steinhoff, and Tongaat Hulett
The Equality Court makes an order in an application brought by six natural and juristic persons whose bank accounts were closed by Absa and FNB.
Which banks offer the cheapest transaction accounts in South Africa?
Solidarity’s latest Bank Charges Report singles out the progress made by Nedbank regarding competitiveness and transparency.
Ready to be heard, says Investec in rand-fixing case
Investec has expressed its readiness to present its case in the Competition Tribunal after the Competition Appeal Court dismissed the rand-fixing case against several banks, including Standard Bank, FirstRand, and Nedbank, this week.
Financial Intelligence Centre ‘freezes’ BHI Trust bank account
The court-appointed joint provisional trustees of BHI Trust are urging investors and creditors to submit their claim forms timeously.
Nedbank attempts to join law firm as defendants in R2.94m email fraud case
Couple allege the bank said it would freeze the account when it became aware of the fraudulent transaction.
Keeping it real-time: adoption rate of digital payment service PayShap ticks up
PayShap adoption takes another leap forward as Discovery joins banks offering the real-time digital payment service to their clients.
FST upholds debarment of rep who committed fraud to buy food for her child
The former bank manager’s actions were driven by desperation, but the FAIS Act is not forgiving, the tribunal says.
The two banks with the biggest increase in complaints in 2022
Complaints about current accounts and digital banking were the two largest categories of cases opened with the ombudsman.
Nedbank takes consumer to court for not disclosing vehicle’s location
The buyer returned the second-hand car to the dealership, which was in a dispute with the person on whose behalf it sold the car.
Tribunal sets aside debarment of consultant who changed record of advice
The far-reaching implications of debarment were not justified in the circumstances, the FST finds.
