Page 2 - Riana Steyn News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Regulations are forcing banks to put you first Share There has been a shift among the major retail banks in adopting a more customer-centric culture and improvements in how they treat and service you. However, the banks are still failing consumers through poor service from call centres and not doing more to assist those whose accounts have been hacked by fraudsters. This was revealed in a press briefing last week by the Financial Sector Conduct Authority (FSCA), which only relatively recently has taken on the task overseeing the market conduct of the banking sector. The FSCA reported back on how banks were responding to new regulations imposed on them since the introduction in 2017 of the so-called “twin peaks” regulatory regime, under which their financial wellness is monitored by the Prudential Authority (within the South African Reserve Bank), but their market conduct now falls under the FSCA.

South africaSouth africanKedibone dikokweSindiswa makhubaloRiana steynPrudential authorityAfrican reserve bankFinancial sector conduct authorityCapitec bankFirst national bankOmbudsman for banking servicesStandard bankSouth african reserve bankConduct standardBanking servicesNational bank