Financial Ombud Offices collaborate to empower consumers during Money Smart Week SA 2023
Johannesburg - In an effort aimed at promoting consumer empowerment and financial literacy, some of the financial ombud schemes in South Africa, namely the Ombudsman for Banking Services (OBS), the Credit Ombud (CO), the Financial Advisory and Intermediary Services (FAIS) Ombud, the Ombudsman for Long-term Insurance (OLTI) and the Ombudsman for Short-term Insurance (OSTI), are joining forces for the MSWSA 2023.
The collaborative effort is designed to showcase the seamless cooperation between these offices in addressing consumer complaints and disputes, ultimately ensuring a more secure and informed financial landscape for all.
Under the theme "Plan Your Money, Plant Your Future", this year's MSWSA campaign focuses on raising awareness about the importance of planning one’s finances for a financially sound future.
These ombud offices are set to highlight how they intervene to assist consumers in resolving disputes with financial institutions, safeguarding their financial interests, and promoting informed decision-making.
During the 2022/2023 financial year, the cumulative efforts of these ombuds offices have led to the resolution of cases resulting in more than R400 million in the pockets of consumers. This achievement underscores the commitment and dedication of the financial ombud community to ensuring fair outcomes.
The highlight of the MSWSA 2023 collaboration will be a webinar set for 30 August 2023. During this interactive session, representatives from each office will present an overview of the type of disputes they receive and how they go about resolving them. They will also explain how the various industries they serve fit into the MSWSA 2023 theme of planning money matters for a better financial future.