National Financial Ombud Scheme South Africa NPC (NFO) Revenue

About National Financial Ombud Scheme South Africa NPC (NFO)

The newly-formed National Financial Ombud Scheme South Africa NPC (NFO) is a single, one-stop, all-in-one dispute resolution service made up of the four (4) former existing services - 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). All the services and assistance previously provided to individuals and companies by the previous Ombud schemes, will now be available through the newly established NFO, at no cost to consumers. The amalgamation to form the NFO is expected to leverage the success of their predecessors while providing a streamlined, co-ordinated, and less confusing alternate dispute resolution framework for financial customers. “The long history of assisting financial customers in their respective sectors to obtain redress for unfair treatment by financial institutions, free of charge and with minimal formality, is a hallmark of the ombud service, consumers have come to expect and value,” says Reana Steyn Ombudsman for Banking Services. “We believe that both the financial customers and the participants of the scheme will benefit significantly as a result of the new single-entry point process, with the same rules applicable to all types of complaints.” The Ombud Council granted the NFO recognition (under section 194 of the Financial Sector Regulation Act, 9 of 2017 (FSR Act), as an industry ombud scheme on 23 February 2024. Complaints will be accepted from 1 March 2024. The National Financial Ombud Scheme South Africa (NFO) is recognised as an industry ombud scheme by the Ombud Council (OC/001/24).

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