Banking Association South Africa members resign from the Credit Ombud Association

Published Sep 4, 2019

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CAPE TOWN – Members of the Banking Association South Africa (Basa) have resigned from the Credit Ombud Association with effect from 1 October, the association announced on Wednesday.

Basa said in a statement that its members were of the view that the interests of banking customers would be better served if all disputes that concerned banks – including credit information disputes – were referred to the Ombudsman for Banking Services (www.obssa.co.za). 

It said, however, all existing disputes before the Credit Ombud Association would remain with this Ombudsman until they were finalised.

“To date, members Basa have been members of the Credit Ombud Association, to ensure that customers have an impartial body to resolve credit information disputes with the banks. However, customers are required to approach the Ombudsman for Banking Services for all other banking-related disputes.

“Over time Basa members have, however, found that their customers are often confused and inconvenienced by having both the Credit Ombud Association and the Ombudsman for Banking Services to consider when seeking assistance,” reads the statement.

Parliament has also expressed a view that rationalisation of the Ombud System within the financial services industry may be beneficial to customers.

The association expressed its appreciation to the Credit Ombud Council, the Credit Ombud and staff for diligently assisting customers of member banks over the years.

BUSINESS REPORT

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