Banking Ombud cracks R19.5 million whip to force banks to protect customers more

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The Ombudsman for Banking Services SA recovered R19.5 million for customers from banks in 2021 identified 237 complaints from "vulnerable customers".
The Ombudsman for Banking Services SA recovered R19.5 million for customers from banks in 2021 identified 237 complaints from "vulnerable customers".
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Customers' complaints against banks are on the rise, despite the adverse rulings that the Ombudsman for Banking Services, Reana Steyn, issues year in and year out. 

In 2021, Steyn's office 8 257 formal complaints, an increase of 7% from 2020 and 28% from 2019. And the Ombud recovered R19.5 million for customers, a more than R3 million increase from 2020

While not all calls and referrals the Ombud received turned into formal complaints, it is perhaps telling that its call centre received 41 880 complaints from angry customers.

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