In its edition published on 9 April 2025, The Star wrote an opinion on the Banking Division of the National Financial Ombuds Scheme. (When you cannot bank on your bank.) Lead Ombud Nerosha Maseti states correctly that the Code of Banking Practice stipulates that banks must treat clients fairly and transparently. If they don’t, customers can refer their complaints to the Ombud, who one expects will “negotiate” a fair outcome.
No Sir. The Ombud is programmed to support the bank’s position. Please don’t believe otherwise. One conclusion made by the Ombud reads – “taking into account previous adjudications by our office in similar circumstances, there is no reasonable prospect of this office making a favourable recommendation in your favour and we have closed our file”. Yes, just close the file. No opportunity for further discussion. No effort to put the two parties together to come to a more satisfactory arrangement. Fairness? Transparency?
It will be of interest to readers that the incident involved money being stolen from one of Nedbank's customers by another. Through an integrated arrangement with Stitch Money and Binance, this tainted money was used to purchase cryptocurrency on a public holiday. Nedbank accept no responsibility.
The Ombuds claim it is not within their remit. SAPS has achieved nothing in 28 months to round up the fraudster, who happens to be a long-standing client of the bank.
And there is talk of the country being removed from the FATF Greylist. I wonder what reader Peter Bachtis would make of this? Ja Boet! It is not only roads that have potholes.
Chris Richards I Craighall Park