How the new(-ish) National Financial Ombud works to resolve YOUR disputes with insurers and banks
The NFO was formed around a year ago after four separate industry ombud schemes were amalgamated.
National Financial Ombud Scheme SA logo. Facebook/Ombud Council
The Money Show's Stephen Grootes is joined by Reana Steyn, Head Ombud and CEO at the NFO.
Who do you turn to when you feel you've been unfairly treated as a financial consumer by institutions like a bank, or your insurer or financial adviser?
The National Financial Ombud Scheme (NFO) is an all-in-one dispute resolution service formed after four separate former industry ombud schemes were amalgamated.
In existence now for about a year, it brings together the former Banking Ombud (OBS), Credit Ombud (CO), Long-term Insurance Ombud (OLTI) and Short-Term Insurance Ombudsman (OSTI).
The NFO retains the staff and the knowledge of these earlier schemes, is the assurance from Reana Steyn, the body's Head Ombud and CEO.
In short, they deal with any financial services-related issue that you can imagine, Steyn says.
"It's anything related to banking, short-term insurance (non-life insurance) and life insurance, and then also credit complaints.
Reana Steyn, Head Ombud - National Financial Ombud Scheme
"In that mix you have your motor vehicle and home owner's claims, a lot of current account issues like people claiming due to fraudulent activities, funeral policies, savings accounts, personal loans - the whole mix."
Reana Steyn, Head Ombud - National Financial Ombud Scheme
At the top of the list of the most common complaints they deal with, are problems with motor claims, Steyn says.
Consumers often approach the NFO with issues around the rejection of insurance claims in the case of accidents, for instance relating to damage to your vehicle.
Disputed home owner's insurance claims take second spot, in light of the increase in extreme weather-related events.
Fraud on bank accounts is the third-most reported complaint, with cases of phishing and vishing particularly common.
Problems with funeral and life policy claims round out the top five most reported complaints.
To find out more about the NFO and how to register a complaint, visit their website.
Scroll up to the audio player to listen to the interview with the NFO Head Ombud