Whom to Contact with Personal Finance Management Problems
Effective personal finance management is in no small part made possible by having a clear and solid understanding of whom to contact with any major problem or concern. Let’s face it; no matter how hard you try to always have all your personal finance management ducks in a row, unforeseen obstacles and issues are a real and ever-present possibility. But with the financial services industry being such a multifaceted one, it can be somewhat tough knowing which official institution; governmental department or regulatory body to turn to for help. We’ve therefore compiled the following list of whom to contact should you find yourself with a personal finance management dilemma or complaint against a particular service or product provider.
An ombudsman is a government-appointed official who hears, handles, investigates and attempts to resolve consumers’ complaints with various official and/or government department, body, etc.
A fiduciary is a person or an entity to which property and/or funds are entrusted for the benefit of another party. Fiduciaries are generally involved in financial matters such as wills, trusts and estate planning.
Sharecall is a type of call tariff imposed by Telkom. It essentially means that when you call a sharecall number you will pay your local exchange rates only, regardless of where the destination of your call is.
|SECTOR||WHOM TO CONTACT||WHAT THEY DO|
||The Ombudsman for Banking Services resolves any disputes that a consumer would have with his or her banking service provider.|
||The NCC is responsible for enforcing the Consumer Protection Act. You can therefore contact the NCC whenever you have a complaint about your rights as a consumer being violated.|
||The Credit Ombudsman handles complaints from both individual consumers and businesses that have been negatively affected by information held at the credit bureaus. The Credit Ombudsman also deals with consumers’ disputes with credit providers, debt counsellors and payment distribution agencies.|
|Debt Counselling||The NCR regulates the South African credit industry and can handle disputes that aren’t resolved by the Credit Ombudsman.|
||Fisa is a self-regulating organisation that handles fiduciary matters. *See FYI below for further details|
||The FSB regulates the financial services industry in South Africa.|
||The Ombudsman for Long-Term Insurance deals with disputes between long-term insurance policyholders and their insurance providers.|
||The Ombudsman for Short-Term Insurance handles complaints (and works to resolve them) between short-term insurance policyholders and their insurance providers.|
||The CMS is a regulatory body that supervises medical schemes that investigates and attempts to resolve consumers’ complaints with their medical schemes.|
||The OPFA handles complaints with the pension fund industry and aims to protect the interests of pension fund members.|
|Credit Bureau||What is a credit bureau anyway?|