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.
Nedbank
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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.
This is SA’s cheapest bank if you transact completely online, according to Solidarity’s survey
The report also compares the cost of banking at Absa, Capitec, First National Bank, Nedbank, and Standard Bank.
PIC rejects allegations that Government Employees Pension Fund is at risk of insolvency
In response to allegations on social media that it’s facing a R3.3 trillion legal claim against its portfolio of assets.
Old Mutual to ‘re-enter’ retail banking space in 2024
The group unbundled its majority stake in Nedbank in 2018.
Competition Tribunal orders banks to do business with Sekunjalo – for now
The Competition Tribunal has granted interim relief to the Sekunjalo Group, preventing three banks from closing the group’s accounts and ordering five others to reopen accounts that have already been closed. The interim […]
Nedbank to pay R2m fine for unapproved merger with Erf 7
Nedbank has agreed to pay a fine of R2 million for implementing a transaction before obtaining the approval from the competition authorities, the Competition Tribunal said last week. In a statement, the authority […]
Nedbank: Fica non-compliance was due to delays in promulgating amendments
Nedbank has blamed delays in the promulgation of amendments to the Financial Intelligence Centre Act (Fica) for the effective fine of R20 million and other administrative sanctions imposed by the Prudential Authority (PA) […]
Too soon to panic about grey-listing?
Is it a “done deal” that South Africa will be placed on the Financial Action Task Force’s grey list next year? There are those who think it is, and therefore advisers should engage […]
Debarment of rep who was employed by two FSPs set aside
The Financial Services Tribunal (FST) has set aside the debarment of a representative who shared confidential proprietary information with his wife and who signed up with a competing FSP while still employed by […]
FNB the only major bank to buck trend of higher complaints
First National Bank (FNB) was the only bank among the country’s “big five” banks that recorded a decrease in the number of cases opened against it by the Ombudsman for Banking Services (OBS) […]
Pension fund’s decision to permit withholding of withdrawal benefit upheld
A former Nedbank employee whose withdrawal benefit was withheld has failed to convince the Financial Services Tribunal (FST) to have the Pension Funds Adjudicator reconsider her decision to dismiss his complaint. At Nedbank’s […]
Online banks unbeatable in Solidarity’s 2022 transaction fees survey
The release of Solidarity’s annual Bank Charges Report usually generates a fair bit of interest, probably because consumers want to see whether Capitec will live up to its reputation as the country’s cheapest […]
Nedbank denies any wrongdoing in Acsa transactions
Nedbank says it committed no wrong in relation to the interest rate swap transactions it concluded with Airports Company SA (Acsa) between 2009 and 2011. The bank was responding to Acting Chief Justice […]
