National Financial Ombud Scheme South Africa (NFO)
Contact Details
| Physical | 110 Oxford Road, Houghton Estate, Johannesburg, Gauteng, 2198 |
|---|---|
| Tel | 0860 800 900 |
| Web | nfosa.co.za |
Overview
The National Financial Ombud Scheme South Africa (NFO) is an umbrella financial services ombud scheme formed by the amalgamation of four separate previously existing South African ombud schemes: the offices of the Banking Ombud (OBS); the Credit Ombud (CO); the office of the Long-Term Insurance Ombud (OLTI); and the Short-Term Insurance Ombudsman (OSTI).
In June 2021, the World Bank published a report on the role of the financial sector ombud system in South Africa. The report recommended that the overall ombud system and its components be reformed to make it fit for purpose and to adequately address the complexity of the South African financial system. The OBS; CO; OLTI; and OSTI entered into discussions early in 2020 to explore a voluntary amalgamation. The culmination of the work of the four ombud schemes resulted in the OBS, CO, OLTI and OSTI being replaced by the National Financial Ombud Scheme South Africa (NFO). The NFO commenced operations on 1 March 2024.
The NFO's purpose is to resolve financial services complaints fairly, impartially and efficiently; provide a timely, informal and accessible alternative dispute resolution service to financial service providers and their customers; and promote financial education amongst consumers and financial institutions.
Overseeing Department/Entity
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