Reana Steyn, the first head ombud of the National Financial Ombud (NFO), says the newly formed scheme will make it easier for both consumers and the industry to deal with complaints in the financial services sector.
The NFO, which began operating on 1 March, is an amalgamation of four former bodies: the Ombudsman for Banking Services (OBS); the Credit Ombud (CO); the Ombudsman for Long-Term Insurance (OLTI); and the Ombudsman for Short-Term Insurance (OSTI).
The merger will allow the NFO to operate as a single, overarching, one-stop dispute resolution service for disenchanted consumers wanting to lodge complaints against insurers, banks and other credit providers. Steyn told News24: