In partnership with
  • Inside Labour: Minimum wage

    It is the workers’ labour that creates wealth and generates profits, says Patrick Craven.

  • Economic miracles

    Creating new money and lending or spending it wisely is key, say Edward Ingram and Riekie Cloete.

  • Strategy that works

    There are six steps to successful strategy implementation. Ian Mann looks at a roadmap to achieve this.

All data is delayed
See More

FNB lodges complaint against Standard

Mar 23 2012 08:01
I-Net Bridge

Johannesburg - First National Bank (FNB) on Thursday lodged a formal complaint with the Advertising Standards Authority (ASA) against Standard Bank's claim that the rival bank was saving customers up to 50% in bank fees.

Standard Bank launched a pricing strategy at the Standard Bank global leadership centre on Thursday, saying it would introduce a low price offering, which all existing personal account holders would be moved to automatically.

Standard Bank chief executive Peter Schlebusch said he was expecting FNB to respond with a complaint against Standard Bank's claims.

"Standard Bank stated that the 50% saving will be available at a later date in April, some two weeks after the publication of the material. 

"FNB's position is that the advertisement sets out to sell non-existent or non-available products; this practice is prohibited by the ASA," said Bernice Samuels, FNB chief marketing officer, in a statement released on Thursday.

Samuels said that the claims Standard Bank made were not properly supported in their view.

"There are no further details on Standard Bank's website and no additional information is given should an interested person send an SMS as requested in the advertisement. The claims can be seen as misleading," she said.

This is not the first advertising-related dispute that the two megabanks have had.

Earlier this month, Standard Bank lodged a complaint with the ASA, saying that FNB advertised its products falsely.

The dispute caused further controversy when the two banks referred to each other on social networking site twitter on their respective accounts.

Schlebusch spoke about the dispute with FNB and said that Standard Bank lodged its complaint with the ASA with the interests of clients in mind.

"We don't think it was a twitter spat. We told the media and tweeted our issue with FNB's claims. If we hadn't tweeted it, it wouldn't have been a twitter issue.

"We were merely saying that we are prepared to go to war for clients, but let us all do so fairly and honestly," he said.

FNB said in the statement it would await the outcome of the dispute and respect the ASA's decision, and that it lodged the complaint "in the interests of a better informed public". 



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you want Finance Minister Pravin Gordhan to address during his budget speech?

Previous results · Suggest a vote