Latest news with #998
IOL News
24-06-2025
- Business
- IOL News
Major banks under scrutiny as NFO reports increased consumer complaints and significant recovery outcomes
One year after the NFO was established, it says thousands of consumers have been helped. Image: Supplied The National Financial Ombud Scheme (NFO) has released worrying statistics indicating that South Africa's largest banks are at the centre of a growing wave of consumer complaints, with over 5,900 cases registered in 2024 alone. This alarming trend underscores the pressing need for better banking practices and reinforces the role of the NFO as a crucial mediator between consumers and financial institutions. Established just a year ago, the NFO has already made significant strides in protecting consumer rights, successfully recovering approximately R328.5 million from various financial entities across the nation. This independent body acts as a watchdog for fair treatment, helping clients reclaim their funds when disputes with banks, insurers, and credit providers arise. The National Financial Ombud Scheme is investigates the operation of South African banking institutions Image: Supplied Breaking down the data, the NFO highlighted that the banking division alone opened a total of 15,412 cases, successfully closing 11,535 complaints, an achievement that reflects a sharper turnaround in response time compared to the previous year, according to Nerosha Maseti, lead ombud for the Banking Division. In terms of recovery, the breakdown shows considerable disparities among banks: Capitec Bank: 1,203 complaints (20% of banking cases), with 22% ruled in favour of consumers. 1,203 complaints (20% of banking cases), with 22% ruled in favour of consumers. First National Bank (FNB): 1,017 complaints (17%), with 16% consumer wins. 1,017 complaints (17%), with 16% consumer wins. Standard Bank: 998 complaints (17%), 19% ruled for consumers. 998 complaints (17%), 19% ruled for consumers. Nedbank: 881 complaints (15%), with 22% consumer wins. 881 complaints (15%), with 22% consumer wins. Absa: 812 complaints (14%), 13% ruled for consumers. The leading cause of these grievances remains fraud, accounting for 30% of all complaints. Following closely behind were issues related to maladministration and the struggles of debt-stressed consumers, signalling areas where banks must critically reassess their service delivery and client engagement strategies. Maseti emphasised that the NFO's commitment to fair outcomes has not wavered, despite significant internal changes. The organisation's efficient resolution processes aim to ensure that consumers feel empowered and supported in their financial dealings. As South African consumers grapple with an array of financial challenges, these findings urge a dialogue about the need for greater transparency and accountability in the banking sector, pivotal to restoring trust in South Africa's financial ecosystem. DAILY NEWS
The Star
15-06-2025
- Business
- The Star
Melaka CM urges trade unions to protect members' welfare
ALOR GAJAH: Trade unions in Melaka have been urged to take a more proactive role to protect the welfare of their members in various sectors by leveraging initiatives and programmes available at both the federal and state levels. Chief Minister Datuk Seri Ab Rauf Yusoh said at the same time, workers are encouraged to join unions registered under the Trade Union Affairs Department (JHEKS), noting that this will help ensure their voices are heard and their rights protected under the Trade Union Act 1959. 'Joining a union is a personal choice, but it is the union that safeguards workers' rights – rights that individuals may not always be aware of. 'By becoming members, workers gain access to protection and a second opinion before any action is taken. 'As for the trade unions, I hope they will continue to play an effective role in protecting the welfare of their members,' he told Bernama at a press conference after officiating the JHEKS Corporate Social Responsibility programme with the community at Villa d'Acqua, Kampung Pulau, here yesterday. Also present were representative of the Human Resources Ministry Dr Kelvin Yii Lee Wuen, state health, human resources and unity committee chairman Datuk Ngwe Hee Sem, and JHEKS director-general Mohd Asri Abdul Wahab. Ab Rauf said to date, 28 main trade unions and 41 branches in the state are registered under JHEKS, representing more than 60,000 members. Earlier, 21 trade unions in Melaka had their applications approved and will receive grant assistance amounting to RM359,998 under the Union Affairs Development Grant.
The Star
14-06-2025
- Business
- The Star
Trade unions must be more proactive in safeguarding workers' welfare, says Melaka CM
ALOR GAJAH: Trade unions in Melaka have been urged to take a more proactive role in protecting the welfare of their members across various sectors by leveraging initiatives and programmes available at both the federal and state levels. Chief Minister Datuk Seri Ab Rauf Yusoh said that at the same time, workers are encouraged to join unions registered under the Trade Union Affairs Department, noting that this would help ensure their voices are heard and their rights protected under the Trade Union Act 1959. "Joining a union is a personal choice, but it is the union that safeguards workers' rights - rights that individuals may not always be aware of. "By becoming members, workers gain access to protection and a second opinion before any action is taken. "As for the trade unions, I hope they will continue to play an effective role in protecting the welfare of their members," he said at a press conference after officiating the department's corporate social responsibility programme with the Melaka community at Villa d'Acqua, Kampung Pulau, here on Saturday (June 14). Also present were the representative of the Minister of Human Resources, Dr Kelvin Yii Lee Wuen; state Health, Human Resources and Unity Committee chairman Datuk Ngwe Hee Sem; and Trade Union Affairs Department director-general Mohd Asri Abdul Wahab. He said that to date, nearly 28 main trade unions and 41 branches in the state are registered under the department, representing over 60,000 members. Earlier during the programme, 21 trade unions in Melaka had their applications approved and will receive grant assistance amounting to RM359,998 under the Union Affairs Development Grant. - Bernama
The Sun
14-06-2025
- Business
- The Sun
Trade unions must be more proactive in safeguarding workers' welfare
ALOR GAJAH: Trade unions in Melaka have been urged to take a more proactive role in protecting the welfare of their members across various sectors by leveraging initiatives and programmes available at both the federal and state levels. Chief Minister Datuk Seri Ab Rauf Yusoh said that at the same time, workers are encouraged to join unions registered under the Department of Trade Union Affairs (JHEKS), noting that this would help ensure their voices are heard and their rights protected under the Trade Union Act 1959. 'Joining a union is a personal choice, but it is the union that safeguards workers' rights - rights that individuals may not always be aware of. By becoming members, workers gain access to protection and a second opinion before any action is taken. 'As for the trade unions, I hope they will continue to play an effective role in protecting the welfare of their members,' he said at a press conference after officiating the Department of Trade Union Affairs (JHEKS) Corporate Social Responsibility (CSR) programme with the Melaka community at Villa d'Acqua, Kampung Pulau, here today. Also present were the representative of the Minister of Human Resources, Dr Kelvin Yii Lee Wuen; state Health, Human Resources and Unity Committee chairman Datuk Ngwe Hee Sem; and JHEKS director-general Mohd Asri Abdul Wahab. He said that to date, nearly 28 main trade unions and 41 branches in the state are registered under the JHEKS, representing over 60,000 members. Earlier during the programme, 21 trade unions in Melaka had their applications approved and will receive grant assistance amounting to RM359,998 under the Union Affairs Development Grant (PHEKS).
The Sun
14-06-2025
- Business
- The Sun
Melaka Trade Unions Urged to Boost Worker Welfare Efforts
ALOR GAJAH: Trade unions in Melaka have been urged to take a more proactive role in protecting the welfare of their members across various sectors by leveraging initiatives and programmes available at both the federal and state levels. Chief Minister Datuk Seri Ab Rauf Yusoh said that at the same time, workers are encouraged to join unions registered under the Department of Trade Union Affairs (JHEKS), noting that this would help ensure their voices are heard and their rights protected under the Trade Union Act 1959. 'Joining a union is a personal choice, but it is the union that safeguards workers' rights - rights that individuals may not always be aware of. By becoming members, workers gain access to protection and a second opinion before any action is taken. 'As for the trade unions, I hope they will continue to play an effective role in protecting the welfare of their members,' he said at a press conference after officiating the Department of Trade Union Affairs (JHEKS) Corporate Social Responsibility (CSR) programme with the Melaka community at Villa d'Acqua, Kampung Pulau, here today. Also present were the representative of the Minister of Human Resources, Dr Kelvin Yii Lee Wuen; state Health, Human Resources and Unity Committee chairman Datuk Ngwe Hee Sem; and JHEKS director-general Mohd Asri Abdul Wahab. He said that to date, nearly 28 main trade unions and 41 branches in the state are registered under the JHEKS, representing over 60,000 members. Earlier during the programme, 21 trade unions in Melaka had their applications approved and will receive grant assistance amounting to RM359,998 under the Union Affairs Development Grant (PHEKS).
