MPs push for deeper financial sector transformation
The Finance and the Trade and Industry committees will engage with roleplayers from across the sector before finalising a report that will be tabled in Parliament.
Nedbank
BHI Trust: R12.4 million recovered, R1.5 billion still at stake
The joint trustees have managed to recoup R12.4m, but R1.5bn remains in claims. The efforts to recover funds through settlements, asset recovery, and legal action continue.
Nedbank’s fuel rewards advert is misleading, says ARB
A client complained that she couldn’t earn Greenbacks rewards at a BP filling station because it does not accept American Express cards.
Allan Gray lodges complaint over ‘imitation’ Nedbank advert
Allan Gray argued that Nedbank’s ‘Time is more valuable than money’ campaign infringed upon its intellectual property.
Black Friday 2024: South African shoppers go digital amid record spending
Consumers defied economic pressures this Black Friday, with banks processing billions in transactions and setting new records. Digital payments took centre stage, highlighting a significant shift in consumer behaviour.
How consumers feel about the country’s big retail banks
One digital bank emerges head and shoulders above the rest in the 2024 South African Banking Sentiment Index.
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.
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.
