WATCH | Consumers of financial products' rights and obligations

JOHANNESBURG - With it being Human Rights Day on Thursday, what rights will consumers of financial products have now that the National Financial Ombudsman has been created? 

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Consumers are often not aware of mechanisms for dispute resolution offered by the finance industry, notably the financial sector ombud schemes.

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Since late 2020, the Financial Sector Regulation Act has made it compulsory for a financial institution to belong to the relevant industry ombud scheme if there is one for its sector. 

However, having six different Ombuds has made it confusing for consumers to know which Ombud to lodge their complaint to. 

A new super Ombud has been created – to tell us more we speak to Financial Journalist, Maya Fisher-French.